The U.S. Climate Prediction Center CPC: There is an 85% chance of a neutral El Niño-Southern Oscillation pattern by the end of the April-June season.

ECB board member Simkus: But there is no guarantee that there will be a rate cut in June or later.

ECB Governing Council member Simkus: Unless there is a major surprise, interest rates will be cut in June. June is a good time to start easing policy.

ECB board member Nagel: US inflation data means we must also be cautious because there are spillover effects.

ECB board member Villeroy de Villeroy: Prices will fall faster than wages.

ECB board member Villeroy de Villeroy: We need more cross-border bank mergers.

ECB board member Villeroy de Villeroy: When inflation is receding, it is time to re-emerge into structural transformation.

ECB board member Francois Villeroy: The good news is that we have avoided a recession, although economic growth in Europe is still insufficient.

ECB board member Villeroy de Villeroy: We are focused on price stability in the region.

ECB board member Villeroy de Villeroy: Open to cutting interest rates at every meeting after June.

ECB board member Villeroy de Villeroy: Inflation is returning to target.

ECB board member Villeroy: We rely on data, not the Fed.

ECB board member Villeroy de Villeroy: Unless there are major surprises, we should cut interest rates at the next meeting.

The yield on the U.S. 2-year Treasury bond is currently up 2.6 basis points to 4.958%; the yield on the U.S. 10-year Treasury bond is currently up 2.5 basis points to 4.610%.

Spot gold fell by $5 in the short term and is now at $2,381.59 per ounce. The U.S. dollar index DXY rose by 12 points in the short term and is now at 105.98.

U.S. Treasury yields rose slightly after the U.S. data.

U.S. stock futures held gains after the release of initial jobless claims.

There is little short-term volatility in spot gold and the U.S. dollar index DXY.

The U.S. Philadelphia Fed Manufacturing Price Index was 5.5 in April, compared with 4.6 in the previous month.