The broader markets are keen, however, for progress in trade talks with China and details of more trade deals with other countries after an agreement with Britain.
Let's not forget tariffs are still a lot higher than before Trump began his crusade on trade, and the highest since the 1930s.
Walmart, the world's largest retailer, said it would have to start raising prices later this month due to the high cost of tariffs, pointing to more pain ahead for U.S. consumers.
Although the latest U.S. price data looked benign, it might be just a matter of time before the impact of tariffs starts to show up in the hard numbers that the Federal Reserve has said it needs to see before considering its response to trade-related uncertainties.
The economic calendars in Europe and the U.S. are a bit thin. U.S. releases on Friday include import prices for April and the University of Michigan consumer sentiment survey, which might be useful for gauging the impact of Trump's tariff manoeuvring.
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