Today, the focus is on the fall in UK GDP, signs of the second wave of COVID-19, and Trump’s call for negative rates.
U.S. President Donald Trump called for the introduction of negative key rates. Affects USD
The Reserve Bank of New Zealand called on commercial banks to prepare for a period of negative interest rates. Affects NZD
China warned France of the consequences of arms sales to Taiwan. Affects EUR
The U.K. recorded the largest quarterly drop in GDP since 2008. Affects GBP
Chinese authorities close Jilin city due to COVID-19 proliferation threat. Affects S&P 500
A report will be published on the number of initial applications for unemployment benefits in the United States. The next increase in application is expected to be 2.5 million. If the data is lower, USD may receive a positive driver.
A speech from the head of the Bank of Canada Stephen Poloz will take place. This event can cause an increase in the volatility of currency pairs with CAD.
To counter the crisis, the Fed may continue to lower interest rates. U.S. President Donald Trump called for a negative rate while other countries actively take advantage of this. Against this background, the U.S. dollar began to show signs of weakening.
Meanwhile, EUR/USD may win back the upward movement to the level of 1,10000.
This cryptocurrency has lost support from an upward trending level, which indicates the beginning of a bearish trend.
The currency pair has formed a triple top reversal pattern. If it breaks down to the level of 1.72140, the activation of sellers is possible.
GBP/CAD on this day in history
- Since 2000, May 14th has been a trading day 14 times.
- On 57% of those days, the asset finished trading with growth.
- The maximum strengthening range was 0.96%.
- The downward trend was limited to 0.66%.