Psychology for major markets November 26th

EUR/USD – Recovered from post-PMI dip on lower US yields after Bessent was nominated for Treasury secretary. But tariff fears still suggests some upside risks for US yields and downside risks for EUR/USD.

USD/JPY – Looks biased lower after the drop in US yields, but progress likely to be slow ahead of the December central bank decisions

EUR/GBP – EUR/GBP struggling to hold below 0.83 as UK data softens, but may get pushed lower if BoE leave rates unchanged and ECB cut 50 bps in December

AUD/USD – AUD/USD finding some support below 0.65 but struggling to benefit from relatively strong domestic conditions due to concerns around US tariffs and China.

Equities – S&P 500 remaining resilient despite a mild correction from the post-election rally. Tariff details and Fed stance will be key in the coming weeks