A relatively quiet day ahead in terms of data releases with the final reading of euro-zone March HICP inflation due - the first release revealed a marked drop in headline CPI to 1.5% y/y (from 2.0% in February) and core inflation dropped to 0.7% (from 0.9%), a trend we think will be cemented in the months ahead, due partly to base effects of past energy price rises fading and due partly to subdued core inflation.
The ECB's Coeure and Praet are both due to speak in New York and markets will stay alert to comments regarding how tolerant the ECB will be in seeing lower inflation prints ahead and to comments on whether or not 'exit easing' discussions are ongoing at the Governing Council.
In the US, the Fed's Rosengren is speaking and the Beige Book is released, which will be scrutinised for hints of whether the Fed sees a slowing US economy, as we have highlighted as a key risk following the fading Trump growth euphoria.
No Scandi events scheduled for today. For more on Scandi markets, see page 2.
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