Psychology for major markets November 19th

EUR/USD – USD edging up on risk aversion related to Russia/Ukraine, but 1.05-1.06 looks hard to break near term.

USD/JPY – USD/JPY dipping on Russia/Ukraine concerns. 156 looks toppy and any further decline in equities could trigger larger losses.

EUR/GBP – GBP falling back after weaker September and Q3 GDP data, with levels below 0.83 looking hard to challenge near term.

AUD/USD – AUD/USD bounced modestly with general USD correction but remains depressed relative to yield spreads in part due to concerns about tariffs and China.

Equities – S&P 500 coming off post-election highs. While tax cuts are seen as positive, tariff increases are not and at current valuations upside looks very limited. Geopolitics also looking negative.