President Trump said U.S. reserves will be exhausted in about four weeks.

BofA analysts say the Bank of England is unlikely to follow the ECB with a rate hike on Thursday and a hold would probably not materially undermine confidence in the pound. Markets are watching for a potential ECB policy misstep. Energy-driven second-round effects will be closely monitored and should support further BoE tightening, but a balanced stance weighing high inflation risks against weakening employment would be market-friendly. If price shocks persist the BoE could be seen as falling behind, though BofA does not view that as the current situation; it expects the BoE to hold on Thursday and hike in July and September.

Iran's Islamic Republic News Agency (IRNA) said Iran will maintain the status quo of its nuclear program until a final agreement is reached, and the US will not impose new sanctions on Iran or deploy additional military forces in the region.