WTI Crude Oil remains under pressure on Tuesday, trading around $62.00 per barrel, as markets digested signs of de-escalation in the Russia-Ukraine conflict and positioned cautiously ahead of key macroeconomic events.
Rapidly increasing downward momentum suggests Pound Sterling (GBP) could continue to decline, potentially dropping below 1.3485. In the longer run, GBP is now neutral; it is likely to trade in a range between 1.3415 and 1.3585, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
USD/CAD has reinforced its recovery after bottoming near 1.3535 in June, breaking above a multi-month trend line and the 50-day average.