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ABN AMRO Bank economist Rogier Quaedvlieg argues that the latest energy shock, driven by the Strait of Hormuz closure, is a cost‑push shock that raises US inflation while weakening growth.

The AUD/USD pair trades marginally higher to near 0.7115 during the European trading session on Wednesday. The Aussie pair is expected to trade broadly sideways as investors await the Federal Reserve’s (Fed) monetary policy outcome at 18:00 GMT.

TD Securities’ Global Strategy Team highlights that Aluminium has become a key casualty of Gulf conflict-related disruptions, with Bahrain and Qatar smelters curtailing output and force majeure declared at Alba.

The United States (US) Federal Reserve (Fed) announces its interest rate decision on Wednesday, a pivotal meeting for markets to gauge the stance of the world’s most important central bank after an energy shock that could put the Fed’s dual mandate in tension.

The Pound Sterling (GBP) trades broadly flat against its major currency peers, consolidating around 1.3350 against the US Dollar (USD) during the European trading session on Wednesday. The British currency struggles for direction as investors have sidelined ahead of a data-packed Thursday.

The Bank of Canada (BoC) is widely expected to keep its policy rate unchanged at 2.25% at its Wednesday meeting, effectively extending the pause it signalled back in January.

MUFG’s Derek Halpenny highlights that the Canadian Dollar has been relatively resilient since the conflict began, supported by Oil-linked terms of trade. He expects the Bank of Canada to hold rates and deliver a cautious message, stressing uncertainty around energy-driven inflation.

China's foreign ministry said during the European trading session on Wednesday that it will provide updates about the delay in United States (US) President Donald Trump’s meeting with Chinese leader Xi Jinping.

Gold (XAU/USD) reverses a modest intraday dip and trades just above the $5,000 psychological mark during the first half of the European session on Wednesday.

Commerzbank strategist Hauke Siemßen argues that ECB expectations will dominate trading, with forwards now fully pricing the first rate hike by September and only a 50% chance of another move by year-end.