Futures on major U.S. stock indices point to a higher opening on Friday ahead of key monthly non-farm payrolls and unemployment data from the government.

Futures on the S&P 500 are up 0.16 percent, futures on the Dow Jones Industrial Average are up 0.19 percent and Nasdaq100 futures are up 0.16 percent.

Investors are eagerly waiting for the government's monthly nonfarm payrolls report, which is the most closely-watched economic data pertaining to the jobs market and a key gauge for the direction and pace of the economic recovery.

Expectations are high after the ADP National Employment Report on Wednesday stated that the private sector added about 217,000 jobs in February.

The Labor Department is due to report monthly non-farm payrolls data at 8:30 am EDT. The median forecast for the non-farm payrolls is a gain of 193,000 jobs in February, compared with a gain of 50,000 jobs in the previous month, while the unemployment rate is expected to edge higher to 9.1 percent compared to 9 percent of the previous month.

U.S. stocks ended sharply higher on Thursday as stronger than expected initial jobless claims data and an easing of oil prices after reports of a possible peace deal in Libya buoyed sentiment.

The euro declined 0.06 percent to 1.3962 against the dollar and the yen declined 0.03 percent against the greenback.

Crude oil futures advanced 0.88 percent to $102.81/barrel and gold futures gained 0.24 percent.

European stock markets are currently trading higher with FTSE 100 up by 36.15 points, DAX30 up by 71.00 points and CAC 40 up by 17.28 points.