Forex - Psychology/Strategy for major markets today

 19:25 (GMT) 16 May

  [Forex Strategy]

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

EUR/USD - Reports that Trump will delay the imposition of auto tariffs have provided some relief for the EUR, but concerns around Italy and the upcoming EU elections suggest EUR/USD will struggle to gain beyond 1.12.

USD/JPY - Equity recovery on report of Trump delaying auto tariffs takes the bid away from the JPY near term, but underlying trade concerns remain and narrower yield spreads suggest 110 still a ceiling.

EUR/GBP, GBP/USD - GBP under pressure as hopes of government-Labour Brexit deal now largely eliminated, and expectations of May's resignation after June Brexit vote increase.

DJIA, S&P - Bounce still looks fragile with China tensions unresolved and even Trump's decision on auto tariffs uncertain, though market now watching 50 day MAs rather than 100/200 day zones.

T-Bond - Short end to belly retreating from most overly aggressive easing stance. 2s could clear 2.25% again, provided no last minute auto tariff shock.

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