Sticky Registration Sticky Customer Support

Daily Currency Update

Get access to our expert daily market analyses and discover how your currency has been tracking with our exchange rate tools

Canadian dollar update – Tuesday August 11, 2020. Greenback opens with gains across the board.

FX & market recap:

Asia equity markets rallied on the heels of Wall Street gains while ignoring the tiny dip in the NASDAQ. Japan’s Nikkei 225, Hong Kong’s Hang Seng, and Australia’s S&P/ASX indexes closed higher. European stock traders picked up the ball and ran with it, boosting Germany’s DAX index 2.69% at the NY open, while driving S&P futures to record highs.

FX traders were a little slow off the mark. The US dollar was steady in Asia with the US dollar index in the 93.70 area before Europe opened. Traders noted the stock market gain’s and sold US dollars. The risk rally is occurring despite the US Congressional impasse on a new stimulus package. Canada Housing Starts and US PPI data re on tap today.

Canadian dollar highlights:

USD/CAD dropped with the broad US dollar retreat. The currency pair saw added selling pressure from the rise in oil prices. Yesterday Saudi Aramco officials forecast rising crude demand for the rest of the year. Only a cynic would suggest USD/CAD is retreating because of chatter that Finance Minister Morneau will be dumped. There is a lot of talk that Trudeau’s newest advisor, former Bank of England Governor Mark Carney, would get the job if he wins an upcoming by-election. Carney hasn’t even said he would run, but reportedly, aspires for high political office.

Euro highlights:

EUR/USD soared from its Asia low of 1.1723 to 1.1807 in NY trading. Relatively positive German and Eurozone ZEW data fueled the gains, alongside rising equity markets, and reports that new US COVID-19 cases are declining. The ZEW institute said the “Indicator of Economic Sentiment for Germany increased again significantly compared to the previous month, after having declined slightly in July.”

British pound highlights:

GBP/USD to 1.3055 from 1.3088 when the employment data was released. The UK added 94,400 jobs, and the unemployment rate was unchanged at 3.9%. Prices recovered rapidly and climbed to 1.3114 in NY trading thanks to markets shifting to risk-seeking.

Asia Pacific highlights:

USD/JPY is choppy in a 105.94-106.23 band. Prices are underpinned by hopes for success with the ongoing US Congressional COVID-19 relief talks and the rise in US Treasury yields which climbed from 0.548% to 0.602%.

Currency Chart

Get access to our market experts and sign up to receive the latest updates on any currency with our real-time exchange rate reports.

Sign up to receive the latest market news from our experts.

Daily Currency Updates
Daily Market Analysis
Get daily intelligence and currency reports directly to your inbox.
Weekly FX Technical Analysis
Weekly Technical Analysis
Get our weekly technical analysis providing valuable insights.
Monthly Currency Outlook
Monthly Currency Outlook
Receive our monthly currency report and help improve your forecasts.

By entering your email address you agree to the MTFX Terms Of Use and MTFX Privacy Policy and agree and agree to receive sales and marketing communications. Unsubscribe at anytime.

FAQs

Individuals and businesses who need to send money in foreign currency internationally can use MTFX’s services. The beneficiary of the transfer must have a bank account for the funds to be paid into. Personal clients usually use our services to transfer money between their own accounts in two different countries. Business clients usually use our services to transfer funds to suppliers, fund international operations, or repatriate overseas earnings.
MTFX offers currency exchange rates that are 2-5% better than those offered by the banks. Personal clients usually save hundreds of dollars per transfer and for larger transfers, the savings can run into the thousands. We also offer excellent customer service, dedicated currency specialists, and a 24/7 online platform with best-in-class technology that allows you to complete transfers from any device virtually anywhere in the world. Business customers save with better currency exchange rates and proven solutions geared towards managing and mitigating foreign exchange risk. Our solutions include forward contracts, market orders, rate alert services, and much more - all backed by great technology and great people.
Funds can be transferred via wire transfer, Electronic Funds Transfer (EFT), or ACH payment services. MTFX maintains bank accounts in all major currencies with highly-rated banks. Our banking infrastructure ensures that you can transfer funds to us quickly and securely.
Our global network of banking partners allows us to get funds to virtually anywhere in the world quickly and efficiently. Most wire transfers from MTFX will be received by your beneficiary within 24-48 hours. MTFX also offers same-day transfers that are almost instantaneous, as well as low-cost in-country payment services for your less urgent transfers. For further information please speak to one of our currency specialists.