Psychology for major markets July 24th

EUR/USD – EUR/USD continuing to decline towards 1.08 helped by weaker than expected PMIs. Negative bias likely to persist into Thursdays US Q2 GDP data.

USD/JPY – USD/JPY continuing to weaken helped by JPY positive statement from senior LDP official and weakening risk sentiment in Asia.

EUR/GBP – Dipping back below 0.84 helped by relatively strong UK PMI data. Mildly positive GBP sentiment persists

AUD/USD – AUD continuing to weaker with soft Chinese equities weighing on sentiment, but should find support in the 0.6575-0.66 area.

Equities – Valuations getting stretched in the US. Europe less expensive but still challenged by weak growth and some political concerns.