April US Advance Retail Inventories Rise 0.7% Vs. Expected 0.5% Gain, Prior 0.7% Gain

April US Advance Wholesale Inventories Rise 0.5% Vs. Expected 0.8% Gain, Prior 1.5% Gain

German Flash Annual Inflation Eases to 2.6% in May

Germany's annual inflation rate fell to 2.6% in May from 2.9% in April, according to provisional data from the country's Federal Statistical Office published Friday.The latest reading is lower than the consensus estimate of 2.9%.On a monthly basis, consumer prices edged down 0.2%, against the previous 0.6% rise and the expected 0.1% increase.The annual harmonized inflation rate was 2.7%, compared with the prior 2.9% and the market forecast of 2.8%. Meanwhile, harmonized consumer prices fell 0.1% month over month, against the previous reading of a 0.5% rise and the expected 0.2% increase.

US Dollar Rises Early Friday Ahead of Advance Trade, Fed's Bowman, Chicago PMI

The US dollar rose against its major trading partners early Friday ahead of the release of advance trade data for April at 8:30 am ET and an appearance by Federal Reserve Vice Chair for Supervision Michelle Bowman at 9:10 am ET.Chicago PMI data for May are due to be released at 9:45 am ET, and the St. Louis Fed's GDP nowcast estimate is expected to be updated around midday.A quick summary of foreign exchange activity heading into Friday:EUR/USD fell to 1.1642 from 1.1648 at the Thursday US close, but was above a level of 1.1607 at the same time Thursday morning. There are no Eurozone data on Friday's schedule. The next European Central Bank meeting is scheduled for June 11.GBP/USD fell to 1.3417 from 1.3439 at the Thursday US close but was above a level of 1.3398 at the same time Thursday morning. There are no UK data on Friday's schedule, but Bank of England Governor Andrew Bailey said that the BOE is willing to tolerate inflation above its goal for some time due to a weak economy. The next Bank of England meeting is scheduled for June 18.USD/JPY rose to 159.2795 from 159.2487 at the Thursday US close, but was below a level of 159.4348 at the same time Thursday morning. Growth in Tokyo consumer prices, an early indicator of Japanese CPI, slowed in May while the Japanese unemployment rate declined in April, according to data released overnight. Later, Japanese household confidence rose modestly in May while Japanese housing starts rebounded in April from a decline in the previous month. The next Bank of Japan meeting is scheduled for June 15-16.USD/CAD rose to 1.3813 from 1.3783 at the Thursday US close, but was below a level of 1.3854 at the same time Thursday morning. Canadian GDP data for Q1 and early GDP data for April are due to be released at 8:30 am ET, followed by the Canadian budget balance for March at 11:00 am ET. The next Bank of Canada meeting is scheduled for June 10.