Psychology for major markets April 17th

EUR/USD – May be topping out near 1.14 as equities stabilise.

USD/JPY – JPY still firm against the USD but slipping a little lower on some crosses as risk recovers modestly

EUR/GBP – GBP correcting higher after recent losses as equities edge up. Current EUR/GBP levels now look high relative to yield spreads, but still low from a big picture perspective.

AUD/USD – Held above pandemic lows near 0.60 and has rallied strongly on general USD weakness as equities stabilise. But 0.64 level still major resistance, and latest Australian employment data disappointed, so correcting lower near term.

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