US dollar and data in focus on Wall Street

US dollar and data in focus on Wall Street

U.S. stock index futures indicated a higher open on Friday ahead of a data-packed day, after stocks closed down more than 1 percent on the last day of trade in April amid dollar weakness.

The U.S. dollar fell to a fresh two-month low against the euro ahead of market open on Friday. The euro trading volumes were on the low side with most of Europe closed for the May Day holiday.

U.S. Treasury yields also extended gains, with the 10-year trading around 2.078 percent on Friday.

On the data front, the week draws to a close with a number of top-tier releases. On the back of disappointing first-quarter GDP data, the manufacturing ISM index at 10.00 a.m. ET will be closely watched, with expectations for a modest rise to 52 in April that would follow five consecutive months of weakening.

Construction spending data for March is also expected at 10:00 a.m. ET, as is the final reading of the University of Michigan's consumer sentiment survey for April, followed by vehicle sales data.

Oil remains in focus as prices continued to creep towards highs, with crude hitting an intraday record for 2015 of $59.90 a barrel.

Friday will be a quieter day for earnings with Chevron, Clorox and Public Service before market open.