Yesterday, USD strengthened against most major currencies except JPY.During a speech yesterday, Federal Reserve Chairman Powell said that the central bank is not considering negative interest rates despite speculations that they will go further into the negative territory. USD/JPY Outlook (14 May 2020)Overall, USD/JPY is ranging across. Recently USD/JPY moved lower, breaking below the key level of 107.USD/JPY‘s next support level is at 106.200 and the next resistance level is at 107.800.Look for selling opportunities of USD/JPY. EUR/USD Outlook (14 May 2020)Overall, EUR/USD is ranging across. Recently, EUR/USD bounced off the key level of 1.09, moving lower towards the support level of 1.07800.EUR/USD’s next support level is at 1.07800 and the next resistance level is at 1.09700.Look for selling opportunities of EUR/USD.GBP/USD Outlook (14 May 2020)Overall, GBP/USD is ranging across. Recently, GBP/USD trended lower into the support level of 1.22400.The UK GDP data released yesterday indicated a negative growth in the UK economy due to the negative impact caused by the COVID-19 pandemic and the measures taken to reduce transmission of the virus. The decline in quarterly GDP is the biggest fall since Quarter 4 2009.-Preliminary GDP q/q (Actual: -2.0%, Forecast: -2.6%, Previous: 0.0%)-GDP m/m (Actual: -5.8%, Forecast -7.9%, Previous: -0.1%)Bank of England Governor Bailey will be speaking in a webinar later at 1830 (SGT).Currently, GBP/USD is testing the support level of 1.22400 and the next resistance level is at 1.24400.Look for selling opportunities of GBP/USD if it breaks the support level of 1.22400.
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