Forex - Psychology/Strategy for major markets today

 10:11 (GMT) 23 May

  [Forex Strategy]

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Psychology/Strategy for major markets today (0101-LPCS-C01)

EUR/USD - Weak IFO puts EUR under pressure with the year's low at 1.1112 now in sight. Break looking likely but underlying story little changed so pace of decline still likely to be slow

USD/JPY - Continued concerns about trade wars and global growth weighing on equities and keeping downward pressure on USD/JPY and particularly JPY crosses. Break of recent equity lows could be expected to trigger move back to near 109.

EUR/GBP, GBP/USD - Fears of a "no deal" Brexit have returned in earnest as hopes of May passing any softer alternative have evaporated in recent days. Pressure likely to remain on GBP downside as market awaits May's resignation.

DJIA and S&P - Any short term bounces likely to be sold. US as well as UK political risks rising and the US-China trade standoff looking set to last a while.

T.Bond - Fed Minutes patient overshadowed by other newsflow (trade, Brexit, Trump/ infrastructure). T.note bounce off 124- could see re-test of the highs.

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