Global Markets Eye ECB Decision as Oil Prices Test $90

The global financial markets are bracing for several key economic data releases this week, which could significantly impact market sentiment. The European Central Bank (ECB) is set to announce its interest rate decision on Thursday at 12:15 PM GMT, with the majority of analysts expecting a rate hike from the current 2.40% to 2.65%. This move could strengthen the Euro against other major currencies.

Other notable releases include the US Producer Price Index (PPI) and US Inflation data on Thursday at 12:30 PM GMT, as well as the British GDP growth rate on Friday at 06:00 AM GMT. The USOIL price is currently testing the $90 mark, while gold has slipped below $4,450 due to a stronger dollar and higher yields.

The recent tensions around the Strait of Hormuz have contributed to increased oil prices, with Iran threatening to establish a restricted zone around the waterway. Hedge funds have increased bullish positions in oil, but traders warn that further supply disruptions could push prices significantly higher.