USD: Continues to gain as concerns about rising Covid-19 cases inducing a slowdown in the global economic recovery weigh on stock markets turn benefiting the oversold dollar. The latest comments from Fed officials about the need for more US fiscal stimulus (which looks unlikely any time soon) added further fuel to the fire, while the risk around the Nov US Presidential election were underscored by President Trump’s comments where he did not pre-commit to a peaceful transition of power should he lose the November ballot (focusing on the legitimacy of mail-in voting). Downgrades to growth expectations, the lack if imminent fiscal stimulus and US election uncertainty is not the mix under which other FX would thrive. Near-term, USD is likely to outperform.
CAD: In the Throne Speech, the Trudeau government vowed “to do whatever it takes” to help the economy during the pandemic, including an initiative to create more than 1mn jobs & extending the wage subsidy program (CEWS). The speech also outlined plans to “to tax extreme wealth inequality, including [...] addressing corporate tax avoidance by digital giants.” Initial resistance stands at 1.3399, followed by 1.3460, while support stands at 1.3343 and 1.3272.
EUR: EUR/USD continues to decline as the re-rating of global growth expectations is weighing on global trade levered EUR. Equity futures pointing to a further decline should keep the euro on the back foot today. German IFO is unlikely to change the trend today.
GBP: Chancellor Sunak is set to unveil a new set of measures to support the Covid-19 hit economy today. These should include wage subsides (replacing the furlough scheme) and extension of the loan scheme. GBP to continue exhibiting lower sensitivity to global factors, with Brexit related risks being the key currency driver.
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Who can use the MTFX payment service?
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.
Why should I use MTFX and not my own bank?
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.
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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.
How long does it take MTFX to transfer funds?
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.
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