At 8:30 in the US the change in th monthly personal spending and Income figures will be released.  Since consumption is 2/3 of US GDP the change in personal consumption is a window into the strength of GDP growth in the US.    Spending is positively correlated to the growth in income.  So traders will look at this release as a precursor to future spending.   

Last month Personal income grew by 0.5% in January.  The expectations for February are for a slower increase of 0.2%.    

Personal spending slowed last month to 0.2% which repesented the slowest pace in 6 months.   

This month the slow growth is to continue as the high price of oil and commodities and the slowdown in the housing market is causing the consumer to rein in spending.  The expectations are for the consumption to grow by the same 0.2% increase.