Psychology for major markets March 12th

EUR/USD – EUR/USD pushing above 1.09 helped by reports that Ukraine would accept US proposals for a ceasefire.

USD/JPY – USD/JPY supported by more positive risk tone but remains biased lower on yield spreads.

EUR/GBP – EUR/GBP holding close to 0.84 after recent EUR gains. Risks remain to the upside especially if equity markets slip back.

AUD/USD – Held above the main support area below 0.62 and has scope to advance to test 0.64 if risk sentiment stabilises

Equities – US market struggling at the highs due to high valuations, declining growth expectations and tariff concerns. European markets benefiting from expectations of increased defence spending and hopes of an end to the Ukraine war, but worries around tariffs remain.