It’s been a more positive start to trade on Thursday, with equity markets in the green and paring Wednesday’s losses as investors continue to weigh up what impact the latest trade tariffs will have on the global economy. While markets have typically reacted negatively to any escalation on trade, the overall impact has been relatively modest under the circumstances that suggest investors are far from panic mode right now.

U.S. equity markets are expected to open relatively unchanged from Thursday as we await the release of some important inflation data.

U.S. consumer spending barely rose in February amid delays in the payment of income tax refunds, but the biggest annual increase in inflation in nearly five years supported expectations of further interest rate hikes this year.

The pound tumbled at the Asian open and has remained weak during the early part of the European session today.

Although Donald Trump policies will remain to be the key moving indicators for financial markets in the days and weeks to come, central banks and economic data will attract some attention the week ahead.

U.S. consumer spending rose solidly in December as households bought motor vehicles and a range of services amid rising wages, pointing to sustained domestic demand that could spur faster economic growth in early 2017.

U.S. consumer spending increased modestly in November as household incomes failed to rise for the first time in nine months, suggesting economic growth slowed in the fourth quarter. The Commerce Department said on Thursday that consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.2% after an upwardly revised 0.4% increase in October.

U.S. private employers stepped up hiring in November and consumer spending increased last month, the latest signs of economic strength that could further cement the case for an interest rate hike from the Federal Reserve next month.

U.S. consumer spending rose more than expected in September as households boosted purchases of motor vehicles and inflation increased steadily, which could bolster expectations of an interest rate hike from the Federal Reserve in December.