Canada's real Gross Domestic Product (GDP) contracted at an annualized rate of 0.6% in the fourth quarter, Statistics Canada reported on Friday. This print followed the 2.4% growth recorded in the previous quarter and came in below the market expectation of 0%.

The Euro (EUR) ticks higher against the British Pound (GBP) on Friday, with Sterling under broad pressure as renewed political uncertainty in the United Kingdom (UK) dampens investor sentiment.

Brown Brothers Harriman’s (BBH) Elias Haddad notes the US Dollar is trading sideways as a lack of policy-relevant data keeps FX ranges contained, even as S&P500 futures signal further equity weakness and Treasury yields fall below 4.00%.

Producer inflation in the United States, as measured by the change in the Producer Price Index (PPI), declined to 2.9% on a yearly basis in January from 3% in December, the US Bureau of Labor Statistics (BLS) reported on Friday. This reading came in above the market expectation of 2.6%.

Citing an email from the US Ambassador to Israel, Mike Huckabee, NBC News reported that the diplomat has advised nonessential staff members to leave the country immediately.

United States Producer Price Index (YoY) came in at 2.9%, above forecasts (2.6%) in January

United States Producer Price Index ex Food & Energy (YoY) came in at 3.6%, above forecasts (3%) in January

United States Producer Price Index ex Food & Energy (MoM) above expectations (0.3%) in January: Actual (0.8%)

United States Producer Price Index (MoM) registered at 0.5% above expectations (0.3%) in January

Canada Gross Domestic Product (MoM) above expectations (0.1%) in December: Actual (0.2%)

Canada Gross Domestic Product Annualized below expectations (0%) in 4Q: Actual (-0.6%)

Canada Gross Domestic Product (QoQ) dipped from previous 0.6% to -0.2% in 4Q

TD Securities’ Global Strategy Team notes a significant setback for Labour as the Green Party’s Hannah Spencer wins the Gorton-Denton by-election with over 40% of the vote, leaving Labour third.

EUR/JPY trades around 184.00 on Friday at the time of writing, down 0.10% on the day, marking a second straight decline. The cross is pressured by a strengthening Japanese Yen (JPY) following the release of mixed inflation data from Tokyo.

Inflation in Germany, as measured by the change in the Consumer Price Index (CPI), softened to 1.9% on a yearly basis in February from 2.1% in January, Germany's Destatis reported on Friday in its flash estimate. This print came in below the market expectations of 2%.

Commerzbank’s Thu Lan Nguyen and Carsten Fritsch note that Gold has stabilized around USD 5,200 per troy ounce, supported by political uncertainty over US tariffs and the US–Iran conflict. ETF inflows underline safe-haven demand, while high prices are curbing physical buying in India.

Germany Consumer Price Index (YoY) below expectations (2%) in February: Actual (1.9%)

Russia Central Bank Reserves $ down to $797.2B from previous $806.1B

Germany Consumer Price Index (MoM) registered at 0.2%, below expectations (0.5%) in February

Germany Harmonized Index of Consumer Prices (YoY) came in at 2% below forecasts (2.1%) in February

Germany Harmonized Index of Consumer Prices (MoM) below forecasts (0.5%) in February: Actual (0.4%)

BNY's Head of Markets Macro Strategy Bob Savage highlights that the U.S. Dollar has remained in a 95–99 range even as the LME Metals Index has surged, breaking a long-standing negative correlation.

Brown Brothers Harriman's (BBH) Elias Haddad notes USD/CAD is directionless around 1.3675 ahead of Canada’s Q4 GDP release, with consensus expecting a modest contraction versus the Bank of Canada’s stall forecast.

Gold (XAU/USD) consolidates with mild losses on Friday, as momentum stalls within this week’s established range.

Mexico Trade Balance s/a, $ fell from previous $-0.86B to $-1.248B in January

South Africa Trade Balance (in Rands) fell from previous 23.18B to 9.31B in January

Mexico Trade Balance, $ registered at $-6.481B, below expectations ($-2.2B) in January

Brazil Mid-month Inflation came in at 0.84%, above expectations (0.6%) in February

The Japanese Yen (JPY) surrenders half of its early gains against the US Dollar (USD) during the European trading session on Friday. The USD/JPY pair rebounds to near 155.90 as the JPY falls back, but is still 0.15% down.

Jan von Gerich at Nordea notes that US data flow has been light, but a December upside surprise in core PCE suggests price pressures may be easing more slowly than CPI implies.