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Foreign trade data from euro area is due on Friday, headlining a light day for the European economic news.

At 3.00 am ET, the Czech Statistical Office is slated to issue producer prices for July. Economists forecast producer prices to climb 2.2 percent annually after increasing 2.5 percent in June.

In the meantime, industrial output data is due from Turkey. Production is seen easing by 0.3 percent annually in June following a 1.3 percent decrease in May. At 5.00 am ET, Eurostat is scheduled to release Eurozone external trade figures for June. The trade surplus is forecast to fall to a seasonally adjusted EUR 18.6 billion from EUR 20.2 billion in May.

At 8.00 am ET, Poland's core inflation data is due for July. Economists expect core inflation to rise to 2.1 percent in July from 1.9 percent in June.