Psychology for major markets May 21

EUR/USD – EUR/USD breaks above 1.13 as fiscal policy worries weigh on US bonds and equities.

USD/JPY – Heavy below 144 but more significant JPY recovery will likely need extended US equity losses.

EUR/GBP – Found support near 0.84 but still fairly neutral tone with strong CPI generating a limited response.

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

Equities – Fiscal policy worries building as Republicans struggle to agree on the "Big Beautiful Bill". Tariff concerns have not gone away.