Indian shares eked out modest gains on Friday as a downward revision to U.S. first-quarter GDP data revived hopes for Fed rate cuts this year.

European stocks were broadly lower on Friday after data showed Eurozone inflation rose for the first time this year, reaching 2.6 percent year-on-year in May and adding to worries about slowly the European Central Bank will cut interest rates.

U.K. stocks eked out modest gains on Friday as data showed U.K. house prices increased in May after two consecutive falls.

The European currency strengthened against other major currencies in the European session on Friday.

French stocks struggled for direction on Friday after data showed consumer prices in the country rose at a faster rate this month due to higher energy prices.

Dollar pulls back ahead of core PCE price index - Euro awaits Eurozone flash CPI data - Wall Street closes in the red, oil extends slide

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All attention now turns to the crucial PCE reading, the Fed’s preferred inflation gauge, which is expected to have a direct impact on the dollar.

The Japanese Yen soared against the Greenback as risk aversion hit asset markets. The USD/JPY pair settled at 156.85, down from 157.40 yesterday. Japan’s 10-year treasury yield settled at 1.05% after reaching 1.1% this week for the first time since July 2011.

The US dollar has been staying at weaker levels lately, with the dollar index staying just above its 200-day moving average around 104.40.