Psychology for major markets April 10th

EUR/USD – Rising on general USD weakness as anxiety over Trump policies persist, though EUR yields suggest some downside risks for the EUR.

USD/JPY – Still under pressure with equities and growing worries over appetite for USTs.

EUR/GBP – Rebounding from Wednesday drop reflecting GBP’s relatively riskier status

AUD/USD – Rebound getting close to levels seen before the tariff announcement though AUD/CAD has a long way to go. 

Equities – Partial Trump climbdown not enough for a sustained rally, particularly vulnerable to any further gains in UST yields.