Analysts at ANZ noted that the ECB meeting tonight will be keenly watched for its assessment of Q1 activity – in particular, whether the ECB see volatility in recent data as transient or more pertinent. 

Key Quotes:

"Draghi is likely to remain constructive on the growth outlook, even if the economy lost some speed at the start of the year. 

He is also likely to highlight the risks from external trade friction and stress the need for intensified structural reform to drive sustainable growth over the medium term. He may also be asked about when the ECB will provide guidance on QE.

If he indicates July, the market might read that as dovish, since it could be interpreted as the ECB leaving a decision on QE to as late as possible. But from a policy perspective, whether it updates the market in June or July is really neither here nor there."