ING Research discusses the ECB policy trajectory.

"Hawks and doves battle it out Ahead of their policy meeting on 4 May we are seeing the European Central Bank  hawks and doves making their cases. The hawks argue that a 50bp hike should still be on the table, while the doves - most recently Mario Centeno - argue that the slowdown in headline inflation could even make the case for a pause. Currently the market prices in 32bp of tightening on 4 May," ING notes. 

"Our team looks for a 25bp hike. Were market expectations to shift more fully behind a 50bp hike, the euro could get a further lift," ING adds.