Psychology for major markets March 28th

EUR/USD – Slipping lower as European data softens and concerns about upcoming tariff increases take centre stage

USD/JPY – Retreating slightly after the break of 150 but solid global equity tone limits JPY upside for now

EUR/GBP – Positive reaction to UK spring statement and stronger UK sales data triggering a test of support levels near 0.83.

AUD/USD – 0.62-0.64 range being traded for now with upside break likely if equities hold their own but downside risks if risk appetite turns weak

Equities – US market cheered by less aggressive Trump tone on tariffs, but still limited by high valuations. European markets benefiting from expectations of increased defence spending and hopes of an end to the Ukraine war, but worries around tariffs and geopolitics remain.