| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 07:00 | Germany | Gfk Consumer Confidence Survey | February | -25.4 | -24.5 | -29.7 |
| 09:00 | Eurozone | M3 money supply, adjusted y/y | December | -0.9% | -0.7% | 0.1% |
USD fell against most of its major global peers in the European session on Friday as investors waited for the release of the U.S. December personal income and spending report later in the day, which contains the Federal Reserve's preferred gauge of inflation - the core PCE price index.
The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, dropped by 0.32% from the previous close to 103.25.
The personal income and spending report will be released at 13:30 GMT. Economists foresee it will show a further slip in the core PCE price index - to 3.0% YoY in December 2023 from 3.2% YoY in the previous month. This would mark the weakest increase in underlying inflation since March 2021 (+2.3%) and indicate the price pressures continue to move toward the Fed’s 2% target.
In anticipation of key inflation data, markets are seeing six quarter-point rate decreases this year, with the first one coming in May.
The data will come a day after the release of the U.S. advance Q4 GDP report, which showed that real GDP grew 3.3% versus economists’ forecast of 2.0%, and the GDP price deflator increased 1.5% versus economists’ estimate of 2.8%.