In the US session Unemployment Claims, Chicago PMI and Pending Home Sales figures were released. In the week ending December 27, the advance figure for seasonally adjusted initial claims was 298,000, an increase of 17,000 from the previous week's revised level. Analysts were anticipating a smaller increase to 287,000. The previous week's level was revised up by 1,000 from 280,000 to 281,000.

The Chicago Business Barometer fell 2.5 points to a five month low of 58.3 in December. Analysts were predicting smaller decrease to 60.2 points. Decline was due to Production and both ordering components expanded at the slowest pace since July.

Pending Home Sales rose by 0.8% to 104.8 in November. Analysts were anticipating smaller incline by 0.6%. The indicator is now 4.1% above November 2013 (100.7) – the highest year-over-year gain since August 2013.Lawrence Yun, NAR chief economist, said signed contracts inched forward in November and have been fairly stable but haven't broken out even as the economy picked up steam this spring.

European part of Friday session will be marked by Spanish Unemployment Change and Spanish and Italian Manufacturing PMI data. Spanish Unemployment is predicted to decrease by 72,000. Incline in both Spanish and Italian Manufacturing PMI is anticipated this month. Spanish PMI should raise to 54.9, while Italian PMI should increase to 49.6 points. In the US session ISM Manufacturing PMI figures are scheduled for a release. Analysts are expecting a decrease to 57.6.

Figures to watch:

Spanish Unemployment Change (Friday 9:00)

Spanish Manufacturing PMI (Friday 9:15)

Italian Manufacturing PMI (Friday 9:45)

ISM Manufacturing PMI (Friday 16:00)