Psychology for major markets April 1st

EUR/USD – Holding close to 1.08 ahead of tariff announcements. Substantial tariff increases expected so no major EUR/USD reaction likely.

USD/JPY – Retreating back below 150 as equities weaken and bond yields decline in anticipation of tariff announcements.

EUR/GBP – More risk negative tone triggering reversal of declines seen after UK spring budget statement.

AUD/USD – 0.62-0.64 range being traded for now with weaker equity tone leading to a test of the bottom end of the range.

Equities – Markets struggling as tariff concerns rise, but the bad news may now be mostly in the market.