Psychology for major markets Jul 22

EUR/USD – EUR finding support near 1.16 and USD edging lower as market anticipates tariff uncertainty extending.

USD/JPY – JPY managing a modest correction after two months of decline against the EUR, but turn in risk sentiment needed to restore JPY positive tone.

EUR/GBP – Backed away from 0.87 after stronger UK CPI in June, but rising monetary easing expectations on the back of more fiscal tightening suggest downside risks

AUD/USD – Found good support below 0.64 and retains scope for gains above 0.66 if the USD slips back, provided regional equity sentiment holds up.

Equities – S&P futures holding near all time highs, but valuation is very expensive and market looks vulnerable if high tariff rates are imposed