There isn’t a whole lot of economic data scheduled to end the week – especially after the Fed announcement. As a result, tomorrow’s action will boil down to three main reports spread throughout the day.

German Flash Manufacturing PMI (3:30AM EST)

Manufacturing activity in Europe’s largest economy is expected to have improved in the month of December. Estimates are for the Markit sponsored report to show a 47.1 print. Not only is this better than November’s 46.8 figure, the gain would be the 3rd positive improvement in the report over the last 4 months. This would be a boon for the German economy.

A gain in manufacturing activity would boost earlier reports of improving investor confidence witnessed on Tuesday. ZEW center findings showed positive readings for the first time in six months, reflective of improving investment sentiment in Germany.

An expected to better than expected report would bolster the EURUSD higher in end-of-the-week action. Look for the 1.3150 figure to be key in unlocking any test of 1.3200 in the near term.

US Consumer Price Index (8:30AM EST)

Consumer price inflation isn’t expected to move much in the month of November, boosting support for the recent Fed monetary easing decision. Any uptick in inflation would shift central bank focus to inflationary pressures, which could force considerations of monetary stimulus withdrawal – which remains a very slim chance. Expectations are for consumer prices to dip slightly by 0.2%, with core prices rising by 0.2%.

The monthly figures will likely keep annualized price increases at 2% for the world’s largest economy.

Stabilized price increases will keep monetary easing speculation alive and supported. The notion should bolster EURUSD above the 1.3150 technical resistance figure.

US Flash Manufacturing PMI (9:00AM EST)

Preliminary readings are anticipated to show manufacturing sector activity in the US improved for the second straight month. Remaining well above the minimum 50 benchmark reading, the PMI report is expected to show a reading of 52.6 for December, compared to November’s 52.4 reading. This would be a positive for the US economy as concerns still remain over the health of the sector – but will likely not be good enough for the greenback bulls.