EUR rates rising? WTI falling despite attacks – Forex trading GBP/USD in rising wedge [Video]

Financial markets face a packed economic calendar featuring the European Central Bank's interest rate decision, US inflation figures, and forthcoming UK GDP data. The ECB is widely expected by economists to increase its benchmark rate from 2.4% to 2.65%, sparking volatility across European currency pairs. While the Euro is exhibiting mixed strength against other currencies, traders are watching EUR/NZD in a 9-day uptrend on the 4-hour chart and EUR/USD consolidating within an ascending triangle pattern. Simultaneously, currency traders are monitoring a technical rising wedge formation on GBP/USD ahead of pessimistic forecasts for the upcoming UK GDP release and key US Producer Price Index and Consumer Price Index reports. In commodity and equity markets, crude oil prices (WTI and Brent) have unexpectedly softened due to apparent profit-taking despite attacks on oil tankers in the Strait of Hormuz. This retreat in energy prices has provided relief to US equity indices, which had previously struggled under the pressure of rising interest rate expectations.