Psychology for major markets April 22nd

EUR/USD – Pressing the highest level since 2021 as Trump’s attack on Powell intensifies USD negative sentiment.  

USD/JPY – Testing September 2024 lows on Trump attack on Powell and breakdown in US/Japan trade talks

EUR/GBP – Fairly steady at higher levels as equities stabilise

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