Psychology for major markets Apr 8
Two Week Ceasefire Seems Reached
EUR/USD – The Euro gained strongly on broad USD weakness. It has busted through the resistance around 1.17 figure and will likely continue its rally unless a turn in the geopolitical picture is witnessed. The next stop will be likely around the 1.19 figure.
USD/JPY – USD/JPY rotated towards 158 after the fail attempt of 160. The shock comes mostly from USD but could trigger a re-valuation of the JPY if there is enough follow through.
EUR/GBP – Resume its consolidation but the market's spotlight isn't here.
AUD/USD – The Aussie rises strongly on "improving" risk sentiment and supportive precious metal. Busting through the previous resistance with the next in sight is circa 0.7190.
Equities & Others – Broader risk atmosphere is upbeat on Trump's two week cease fire. While there is a great deal of uncertainty remaining, market participants are cheering for now.