Published: 2024-07-22T10:01:27.000Z
Psychology for major markets July 22nd
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Senior FX Strategist
1
EUR steady, JPY firm.
EUR/USD – EUR/USD steady near 1.09. Focus on US politics but no current impact from Biden dropping out of the race.
USD/JPY – USD/JPY continuing to weaken helped by JPY positive statement from senior LDP official
EUR/GBP – Holding steady above 0.84 but valuation and positioning both suggest GBP strength is overextended.
AUD/USD – AUD shying away from a test of the year’s highs with soft Chinese equities weighing on sentiment, but should be well supported above 0.66.
Equities – Valuations getting stretched in the US. Europe less expensive but still challenged by weak growth and some political concerns.