US Q1 real personal consumption expenditures (PCE) QoQ final +0.5% (prior +1.4%).

ECB official Zigman said price stability is the ECB’s primary task and that falling oil prices are making that task relatively easier. Speaking in his first public appearance since becoming governor of the Croatian central bank this month, he said ECB rate hikes have signalled determination despite the risk of further slowing an already fragile regional economy. He added that geopolitical developments around the Strait of Hormuz have pushed oil prices down, which he said will have a positive effect on inflation.

ECB executive board member Moulin said recent developments are steering the economy toward a more positive outlook.