Credit Agricole CIB Research previews the US March CPI report on Friday.

"We expect a sharp acceleration in US CPI in March, driven by the energy component. We have the headline index at 330.47 (3.34% YoY), with core at 0.30% MoM SA. This is almost a 100bp acceleration in headline, from the 2.4% YoY marks recorded in January and February," CACIB notes.

"Within core, we expect a relatively solid core goods component around 0.28% MoM SA, with namely used cars around 0.4% MoM SA. We expect services around 0.32% MoM SA, with airfares around 2-3% MoM SA (with more to go over the coming months and quarters)," CACIB adds.