According to Golden Finance, recent US data suggests the Federal Reserve may cut interest rates by 25 basis points midweek. Kit Juckes, macro strategist at Societe Generale, says the market could force the Fed to cut rates by 50 basis points.

He added that upcoming US retail sales and industrial production data over the next few days could influence perceptions. He said that if weak retail sales drive up pricing, the Federal Open Market Committee may be concerned about falling behind.