Recent UK data releases have not endorsed the market’s tentative speculation on faster Bank of England easing, and two-year GBP swap rates are around 8bp above last week’s lows.
West Texas Intermediate (WTI) Oil price falls on Tuesday, early in the European session. WTI trades at $65.31 per barrel, down from Monday’s close at $65.68.Brent Oil Exchange Rate (Brent crude) is also shedding ground, trading at $68.05 after its previous daily close at $68.39.
US Dollar (USD) is likely to trade in a range between 147.80 and 148.85 against Japanese Yen (JPY). In the longer run, USD strength has paused for now; it is expected to trade in a range of 146.90/149.20, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.