Psychology for major markets July 25th

EUR/USD – EUR/USD holding in the mid-1.08s with EUR/USD largely unaffected by the risk negative tone

USD/JPY – USD/JPY continuing to weaken helped by generally risk negative sentiment triggering unwinding of carry trades.

EUR/GBP – Holding slightly above 0.84 with downside more limited in risk negative environment.

AUD/USD – AUD continuing to weaken with soft Chinese equities weighing on sentiment, with AUD/JPY carry trade unwinds continuing.

Equities – Generally weaker with Asia leading the way but US and Europe following suit.