Published: 2024-07-24T10:11:15.000Z
Psychology for major markets July 24th
Senior FX Strategist
6
JPY firm, EUR under pressure after PMI
EUR/USD – EUR/USD continuing to decline towards 1.08 helped by weaker than expected PMIs. Negative bias likely to persist into Thursdays US Q2 GDP data.
USD/JPY – USD/JPY continuing to weaken helped by JPY positive statement from senior LDP official and weakening risk sentiment in Asia.
EUR/GBP – Dipping back below 0.84 helped by relatively strong UK PMI data. Mildly positive GBP sentiment persists
AUD/USD – AUD continuing to weaker with soft Chinese equities weighing on sentiment, but should find support in the 0.6575-0.66 area.
Equities – Valuations getting stretched in the US. Europe less expensive but still challenged by weak growth and some political concerns.