• EUR/USD remains under pressure around 1.0740 on the stronger USD on Thursday. 
• The ECB is widely expected to leave interest rates unchanged at its April meeting on Thursday. 
• The US CPI figure rose 0.4% MoM in March, compared with the 0.3% gain estimated.

The EUR/USD pair remains on the defensive near 1.0740 during the early Asian session on Thursday. An unexpected rise in US CPI inflation data in March propelled the US Dollar (USD) to yearly highs and weighed on the major pair. Investors will closely monitor the European Central Bank (ECB) interest rate decision and press conference later on Thursday, along with the release of the US Producer Price Index (PPI) report. 

The ECB is anticipated to keep interest rates steady at a record high at its April meeting on Thursday, but ECB President Christine Lagarde is likely to discuss about inflation data and the possibilities of a June rate cut. The Federal Reserve (Fed) might delay the easing cycle this year due to the robust economy and upside surprises in inflation. The ECB insists on setting policy independently, but the divergence of interest rates between the Fed and ECB might exert some selling pressure on the Euro (EUR) and create a headwind for the EUR/USD pair. 

An unexpected rise in the US inflation data in March triggered speculation that the US central bank would delay cutting the interest rate. The Greenback rose to fresh yearly highs north of 105.30 after the data. The US Consumer Price Index (CPI) rose 0.4% MoM in March, compared with the 0.3% gain estimated. On an annual basis, the CPI climbed 3.5% YoY versus the expectation of a 3.4% rise, according to the Labor Department on Wednesday. 

The Core CPI figure, excluding volatile food and energy, jumped 0.4% MoM in March, compared with the market consensus of a 0.3% rise. Meanwhile, the Core figure grew by 3.8%, against the expectation of a 3.7% increase. Later on Thursday, the US Producer Price Index for March and weekly Initial Jobless Claims will be due. Also, the Fed’s Williams, Collins, and Bostic are set to speak