Published: 2025-09-24T09:56:49.000Z
Psychology for major markets Sep 24
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USD still mostly rangebound but firmer after weaker German IFO survey
EUR/USD – EUR/USD dipping lower after disappointing IFO survey, re-establishing 1.171.18 range.
USD/JPY – USD/JPY testing the top end of the recent range, having rejected the break lower seen after the FOMC, but hard to see a rationale for an upside break.
EUR/GBP – Holding below the year’s high of 0.8763 with the EUR softening after the weak IFO survey, but upside risks still dominate.
AUD/USD – Rose back above 0.66 after a stronger than expected CPI number, and has further upside scope if conditions remain risk friendly
Equities – S&P continues to hit new all time highs, but downside scope for yields now very limited and valuation is very extended.