Friday's top macro news will begin with Japanese CPI figures where expectations call for CPI excluding fresh food to rise 3.1 percent on year in January versus 3.0 percent in December.

From Europe, UK retail sales are due where forecasts center on a 0.3 percent increase on the month and 0.9 percent on year for January. Meanwhile, flash S&P PMI composite index reports are due for all the major European countries. For the Eurozone, expectations for manufacturing PMI call for a sluggish 47.0 with services PMI better at 51.5.

In North America, Canadian retail sales is scheduled. The consensus looks for sales up 1.6 percent on the month for December.

In the US, existing home sales and final February consumer sentiment reports are the focus. Forecasters see home sales at an annual 4.16 million in January, down from 4.24 million in December. For consumer sentiment, the call is 68.0 versus 67.8 in the preliminary February report.

The inflation expectations component of the consumer sentiment report is expected to attract an unusual degree of attention. The preliminary February report showed one-year consumer inflation expectations surging to a shocking 4.3 percent from 3.3 percent in January, a very very ugly figure for financial markets and the Federal Reserve. It will be bad news if that number is confirmed, as the market expects.

Market Focus details key factors in the coming day that will impact the economic outlook and the financial markets. These include central bank events, economic indicators, policymaker speeches as well as expected political and corporate developments.

Keeping up-to-date with event schedules and the economic calendar is key to understanding the global financial system. Econoday's Market Focus allows investors and policymakers to carefully track what will be making news and moving the financial markets in the coming day.