Psychology for major markets April 30th

EUR/USD – Remains well supported on expectations of damage to the US from tariffs, but focus now on the US GDP and employment data this week.

USD/JPY – Tested September 2024 lows below 140 but has bounced as equities have recovered. Upside nevertheless looks very limited above 144.

EUR/GBP – GBP has recovered some of the ground lost to the EUR on tariff concerns, but remains vulnerable to any turn lower in risk sentiment.

AUD/USD – Broke above key 0.64 level but has so far failed to build on gains. Clear break could open the way for progress into the high 0.60s.

Equities – Some stabilisation after initial bloodbath on US tariff increases but high US valuations still suggest scope for further declines longer term if tariffs cause significant US growth slowdown. Q1 US GDP the initial focus