Psychology for major markets November 15th

EUR/USD – Some stabilisation as the USD corrects lower at the wend of the week, but yield spreads still suggest some downside risks.

USD/JPY – USD/JPY dipping as Japanese authorities signal intervention could be imminent after hitting key retracement level. Focus on Ueda speech on Monday which could signal December rate action.

EUR/GBP – GBP falling back after weaker September and Q3 GDP data, but yield spreads still looking supportive for GBP.

AUD/USD – AUD/USD bounced modestly with general USD correction but remains depressed relative to yield spreads in part due to concerns about tariffs and China.

Equities – S&P 500 continuing to make news highs post-election. But while tax cuts are seen as positive, tariff increases are not and at current valuations upside looks very limited.