Psychology for major markets Jul 28

EUR/USD – EUR/USD dipping lower towards 1.16 as trade deal with the US favours the USD generally and is seen as less favourable to the EU than hoped.

USD/JPY – USD/JPY continues to edge higher on general post-trade deal USD strength and positive equity sentiment.

EUR/GBP – Broke above 0.87 after weaker than expected UK June retail sales, but has slipped back below as UK/US trade deal seen as favourable relative to EU deal.

AUD/USD – Slipping back towards the middle of the year’s range as the USD rallies generally on trade news.

Equities – S&P futures continuing to make all time highs on news of trade deals, but valuation is very expensive and market still vulnerable if economy shows weakness in response to tariffs.