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 29, 2020. US dollar continues to slide into FOMC.

FX & market recap:

The US dollar slid into the New York open. Traders’ are content to await the results of the FOMC meeting this afternoon. Yesterday, Wall Street closed on a down note, setting the tone for a mixed Asia session. The major stock indexes bounced either side of unchanged. US equity futures are slightly positive.

Today’s FOMC meeting statement and Jerome Powell’s press conference give traders the excuse to do nothing, which will describe the price action until 2:00 pm ET. The Fed isn’t expected to offer anything new. They will be content to “sit and wait” until more data is available to enable them to assess the impact of their previous actions. The Fed announced a year’s worth of policy changes in March and will be content to await more data before doing anything else. The US dollar continues to probe major resistance levels in G-10 currencies but until major support in the US dollar index at 93.15-93.30, further US dollar losses may be hard to come by. US Pending Home Sales, Wholesale Inventories and Goods trade balance data are on tap but will be largely ignored ahead of the FOMC meeting.

Canadian dollar highlights:

USD/CAD continues to bounce within a 1.3340-1.3430 range. Prices are weighed down by general US dollar weakness, and expectations for CAD demand due to portfolio rebalancing flows at month-end.

Euro highlights:

EUR/USD traded in a 1.1715-69 range overnight. It drifted in Asia, then rallied from 1.1740 to 1.1769 in Europe before retreating to 1.1747 at the NY open. The dollar continues to be on the defensive due to rising coronavirus cases, and social unrest in US cities. Markets are also waiting for a new stimulus plan to replace the CARES Act which expires Friday.

British pound highlights:

GBP/USD traders are as attracted to the 1.3000 level as mariners are to mermaids. Mermaids weren’t good for ships, and 1.3000 is unlikely to be healthy for GBP/USD bulls. The currency pair may be getting an added lift from month-end portfolio rebalancing flows. GBP/USD traded in a 1.2913-1.2975 range and is flirting with the top in NY trading.

Asia Pacific highlights:

USD/JPY dropped to 104.81 on safe-haven demand for yen, thanks to rising US COVID-19 cases, and bearish technicals. The break below support at 106.10 and 105.50 targeted 104.40 and 102.95.

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.