The ECB announces its rate decision at 1145 GMT followed by Draghi's presser at 1230 GMT

The rate decision and statement is unlikely to contain much - if any at all - changes from the last meeting, so a lot of the heavy lifting will be done by the maestro himself in his press conference.

Here's what to keep an eye on:

1. View towards economic data

This is the key focus the market is highlighting at the moment. The ECB has moved towards hinting at the market that it will end its QE programme this year but a lot of that communication was done when economic data was still solid (towards the end of last year).

Now that it is almost confirmed that we have reached a peak in Eurozone economic activity, where does the ECB go from here?

It's unthinkable that they would back down from their stance to start tapering in September and end QE by December at the moment, so it is almost likely that they will brush aside the weaker-than-expected Q1 economic data. If anything, this is what the market should expect.

While they are not going to change language or guidance just yet (expectation for that is June), this is a vital step in order for them to get there. While acknowledging the slowdown is one thing, displaying signs of uncertainty and nervousness over upcoming data won't help the market to believe that they will be moving to end QE this year surely.

2. View towards the euro

There's no doubt the ECB has been a little worried that the euro may have dampened the Eurozone's growth momentum and it is an area that they are keeping a close watch on. The euro has weakened a little or at least halted its upward trajectory from last year, but the issue is that the damage may already have been done.

Q1 economic data has suffered a soft patch, and the ECB is likely to continue to address the euro in a slightly bearish manner to ensure that the single currency doesn't get in the way of them normalising monetary policy in the months ahead.

3. Inflation outlook

This is the key item to look out for in my view. It will all come down to Draghi, and the question is if he will confirm his confidence that inflation is gradually rising towards the ECB's target - which is being just below 2%.

There's not much else to elaborate on this, but Draghi's view here is crucial in supporting the outlook that the ECB can in fact go on to normalise monetary policy and raise rates in 2019. Anything but, provides a cloudy picture and represents poor form given how much they have primed the market that they will end QE by 2018 (or at least Q1 2019) and to raise rates within the next year-and-a-half.

In fact, the bond market is already preparing itself for a bullish stance by Draghi. The key market gauge of long-term inflation expectations rose earlier to 8-week highs at 1.718% - highlighting that investors are viewing the inflation outlook by the ECB as a positive one.

As for key levels to look out for in the meeting, I have highlighted them here.