Economic calendar: US PCE inflation and Powell's speech in the market spotlight

• Markets without much change ahead of the holiday weekend
• Attention focuses on US PCE inflation and Americans' income and consumption
• Speeches by Mary Daly of the Fed and Powell (1:30 PM GMT)

On the last trading day of the 'holiday' week before Easter, investors will focus on data from the United States and a message from Fed chief Powell. The calendar in Europe will be limited to preliminary inflation data from France and Italy. The chairman will speak at the 'Macroeconomics and Monetary Policy Conference' and is likely to deliver a speech around 3:30 PM GMT. Interestingly, Powell will speak after the Fed's very important for the Fed, PCE inflation release and a series of US income and consumption data. 

A potentially higher-than-expected reading could result in a slightly harsher, hawkish tone from Powell and will add some uncertainty to the recent two higher-than-forecast inflation data (CPI, for January and February). Moreover, oil has hit multi-month highs and is slowly moving closer to dangerously close to $90 per barrel, raising the broader risk of a return of inflationary pressures if policy loosened too quickly or at an exaggerated pace. The most favorable reading for the market would be probably in line with expectations or below forecasts. However, we will have to wait on Wall Street's reaction until Monday.

7:45 AM GMT - France, preliminary HICP inflation. Expected: 2.8%. Previous: 3,2%

• Flash CPI reading: 2.6% vs. 3% previous (0.5% m/m vs. 0.9% previous)

10:00 AM GMT - Italy, preliminary HICP inflation. Expected: 1.5% vs 0.8% previously

12:30 AM GMT - US, PCE inflation. Expected: 2.5% vs 2.4% previously (0.4% m/m vs 0.3% m/m previously)

• Core PCE, expected 2.8% vs 2.8% previously (0.3% m/m vs 0.4% m/m previously)
• Personal income: 0.4% m/m vs 1% previous
• Real consumption: 0.1% vs -0.1% previously
• Wholesale inventories: 0.2% vs -0.3% previously

Central bankers' speeches

• 3:20 PM GMT - Fed Daly 

• 3:30 PM GMT - Fed Powell