Psychology for major markets May 23

EUR/USD – EUR/USD firmer on the back of stronger German Q1 GDP data, but still fairly central in the 1.11-1.15 range.

USD/JPY – Rejected the move above 148 and dipped below 145 on US downgrade but more significant JPY recovery will still likely need weaker US equity performance.

EUR/GBP – GBP still firm helped by stronger retail sales data and some hawkish BoE comments but break below 0.84 will likely require significant news.

AUD/USD – Looks well supported below 0.64 and still has some upside potential if Asian equity markets maintain recent improvement.

Equities – S&P looking stretched near 6000 as some significant negative tariff impact still likely despite recent trade deals