Societe Generale in its early Friday economic news summary pointed out:

-- US dollar mixed, USD/JPY retraces to 150.96 low on strong Japanese household spending. United States Treasury 2s/10s flattens to 22bps, March FOMC pricing -4bps. U.S. Treasury Secretary Bessent: strong US dollar policy is completely intact, we don't want other countries to weaken their currencies, no changes in Treasury issuance in the foreseeable future, 10-year yield will naturally come down.

-- Day ahead: U.S. nonfarm payrolls (NFP), SocGen forecasts 160,000 gains, consensus is 175,000, range 105,000 to 240,000. Unemployment rate SocGen forecasts unchanged at 4.1%, earnings +0.4% month over month. Federal Reserve's Bowman and Kugler. Bank of Englan's Pill. European Central Bank publishes paper on r-star. University of Michigan sentiment. Canada's employment (LFS). Mexico's and Chile's consumer price index.

-- Reserve Bank of India lowers key repo rate by 25bps to 6.25%, first since 2020, policy stance neutral. Forecast FY26 CPI at 4.2% and gross domestic product growth at 6.7%. SocGen pencils in quarterly cuts to 5.50% by year-end. USD/INR +0.1% at 87.50.

-- Mexico's central bank (Banxico) drops key rate by 50bps to 9.50%; statement dovish, guiding for another 50bps cut in March, USD/MXN steady at 20.45.

-- Nikkei -0.7%, EUR 10-year IRS steady at 2.32%, Brent crude +0.7% at $74.65/barrel, Gold +0.4% at $2,868/oz.