Wednesday, Bank of England's quarterly Inflation Report and Eurozone industrial production are expected to dominate the newsflow.

At 2.45am ET, the French statistical office INSEE is scheduled to issue consumer prices for the month of April. Annual inflation is seen at 0.2% in April, slightly down from 0.3% in March. EU harmonized inflation is also expected to slow to 0.2% in April.

In the meantime, the French current account balance is due. The current account deficit in February was EUR 2.2 billion.

At 3.00am ET, the Spanish final CPI data for the month of April is expected. Year-on-year, consumer prices are forecast to drop 0.1% in April. Meanwhile, an increase of 1% is expected on a monthly basis.

Thereafter, Eurozone industrial production is expected from the Eurostat at 5.00am ET. Industrial output is predicted to drop 1% month-on-month in March, smaller than the 2.3% decline in February. Annually, the decline is seen at 17.6%.

At 5.30am ET, the Bank of England is slated to release quarterly Inflation Report.

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