No Data on Agenda Today, Investors Await ECB and US CPI

Thus, intraday volatility remains high, but the short-term trend seems wobbly and neutral. 

On the other hand, EU bourses fare much better, posting higher highs and higher lows - definition of a bull market, although cautious. 

China's Vice Commerce Minister stated in a statement a day before releasing the country's trade balance figures that importers and exporters are still under pressure because of logistical issues and rising material prices.

Additionally, the World Bank cut its forecast for global growth this year from 4.1% in January to 2.9%, citing rising commodity prices, supply disruptions, and central bank interest rate hikes as reasons.

Later today, Eurostat will publish the euro area's first-quarter Gross Domestic Product (GDP) numbers. However, market volatility could remain low ahead of Thursday's ECB decision and Friday's US CPI data.

In the FX market, the USD seems to be back on the winning streak, pushing the USDJPY pair to fresh two-decade highs above 133.50. Elsewhere, Sterling has been volatile recently, following the confidence vote, which Prime Minister Johnson won. 

"We think markets are overpricing the impact of recent political noise on the U.K. economy, and we expect volatility in the pound to decrease over the coming days, with the focus potentially shifting back to other drivers such as the Bank of England's policy or a slowing economic outlook," analysts at ING said.