Psychology for major markets March 4th

EUR/USD – EUR/USD benefiting from relative European equity strength and some narrowing in yield spreads as US yields dip on Trump tariff announcement. But progress above 1.05 likely to be tough.

USD/JPY – USD/JPY once again testing the 148.55/65 support area as yield spreads narrow and Trump complains about a weak JPY.

EUR/GBP – EUR/GBP holding steady at low levels in the mid-0.82s, but further declines likely to be tough unless UK data improves

AUD/USD – Holding above the main support area below 0.62 but struggling to make gains in a more risk negative environment.

Equities – US market struggling at the highs due to high valuations, declining growth expectations and tariff concerns, but European markets benefiting from expectations of increased defence spending.