Investing.com - The ECB is expected to leave monetary policy unchanged at Thursday's meeting.
Recent data indicates the nascent recovery in the euro-zone economy is building momentum.
But core inflation, which factors out volatile energy and fresh food items, remains well below ECB target at 0.8%.
The medium-term target is close to but below 2.0% on a self-sustaining basis.
Headline inflation in March slowed to an annual 1.5% from 2.0%.
As a result, observers do not expect any change in the ECB's forward guidance before June.
The market-friendly outcome of the first round of the French presidential race will be a relief to the ECB.
But ECB chief Mario Draghi still remains pressured by more hawkish members of the Governing Council.
If downside risks are considered to have eased this could foreshadow a slight easing of accommodation.
That could take the shape of a possible hike in the deposit rate, currently at minus 0.4%.
This could occur before or after a gradual easing of asset purchases, currently at €60 bn a month until year-end.
The ECB's current key lending rate stands at 0.0%.