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 – Wednesday July 22, 2020. Feeding time for US dollar bears!

FX & market recap:

FX traders took their time before warming up to the news the EU agreed to a multi-year budget and the €750 billion COVID-19 Relief Fund. But when they warmed up, they really started cooking. EUR/USD soared from 1.1424 to 1.1571 in NY trading today. Meanwhile, the US deficit is exploding with another $1.0 billion or so, in new funding announcements coming down the pipe. The US ordered China to close its Houston Consulate office, further escalating US/China tensions and bolstering EUR/USD as a safe haven. The US May Housing Price Index is forecast to rise 0.3% m/m.

Canadian dollar highlights:

USD/CAD is the laggard of the G-10 currency spectrum. Even as the antipodean currencies soar, USD/CAD cannot get much downside traction, in part because of expectations that Canada’s post-COVID-19 economic rebound will be uneven and shallower than that of its G-10 peers. Today’s Canada CPI data (forecast 0.4% m/m) will be a non-event, as it won’t have any impact on near term Bank of Canada monetary policy.

Euro highlights:

The EUR/USD rally served to snap the downtrend from May 17, 2018, with a decisive break above 1.1505, targeting 1.2150, The bearish sentiment is fueled by the belief that the Euro area has the coronavirus under control, while the US is behind the curve. The EU action, which opened the door to EU back bonds, is seen as enhancing fiscal support to the Euro area.

British pound highlights:

GBP/USD had a wild twenty-four hours. It rose from a low of 1.2675 post-EU Summit news and rallied to 1.2765 in the NY afternoon. Prices traded sideways in Asia but dropped when London opened, falling from 1.2725 to 1.2639 before bouncing to 1.2682 in NY. Why all the excitement? No reason.

GBP/USD is benefiting from bearish US dollar sentiment while ignoring yesterdays reports that the UK government is giving up on hopes for a Brexit deal before the end of the year.

Asia Pacific highlights:

USD/JPY dropped from 107.30 after the EU to 106.67 then traded in a 106.67-106.88 range in Asia. Soft US Treasury yields and US coronavirus concerns are weighing on prices. Meanwhile AUD/USD bounced like a kangaroo on steroids. It has risen 2.8% since Monday on the back of bullish data, a tame central bank, and bearish US dollar sentiment. A 2.4% rise in domestic retail sales underpinned the gains.

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.