Elsewhere, Chinese exports grew 30.6% year-on-year in March, while import growth rose to the highest level in four years, jumping 38.1% year-on-year last month. The trade balance jumped to 116 billion USD, notably up from February's 78 billion USD.
From other news, UK GDP posted a 0.4% growth in March, below the market expectations of 0.6% and still down 7.8% on the year. It looks like the never-ending lockdown is not that good for the real economy as it is perfect for stock markets.
Later in the day, the German ZEW surveys are expected, most likely influencing the EURUSD pair.
Additionally, the US CPI numbers will be released, and the yearly change is expected at 2.5%, sharply higher than 1.7%. The core gauge is forecast to increase from 1.3% to 1.6%. Volatility should be elevated after those numbers.
As inflation is accelerating higher, traders are selling bonds, which are the worst investment option in an inflationary environment. Therefore, yields are rising, putting pressure on small-cap companies.