Sticky Registration Sticky Customer Support

Daily Currency Update

Get access to our expert daily market analysis and discover and track your currency pair using our exchange rate tools. EUR, GBP, USD & CAD Forecast.

Canadian Inflation Data to Drive USD/CAD Direction

USD - US Dollar

The Asian session started with risk-off trading on the back of the missile strike inside Poland, which gave the USD support. Later in the session, US President Joe Biden said the missile was unlikely fired by Russia, which soothed investors nerves and led to the USD giving back some gains and equity markets recovering a little. Biden’s words also gave the EUR a boost. S&P500 futures were trading in the red. Soft US PPI data and investor hopes of a less hawkish FOMC are restraining the USD upside at this time. The EUR and USD were the outperformers in G10 FX during the overnight session.

CAD - Canadian Dollar

The downside surprise in US CPI data last week spurred a dip in USD/CAD towards 1.32 for the first time in nearly two months. While the pair has since stabilized near these recent lows, the move in FX has interestingly come at odds with the lack of adjustment in the rates space, as in particular, the 2Y US-Canada yield spread has held up steady close to 50bp. Nearly a week after the US, Statistics Canada is due to release its own CPI figures for October which are expected to show steady headline and core inflation as per both the market expectations and the BoC’s forecasts. Barring any major deviation from this scenario, both the CAD and interest rate differentials could hardly be moved as the BoC already enacted smaller tightening steps. As it stands, rate spreads could struggle to regain much driving power over the near-term course of the CAD, which could ultimately still rely on superior terms of trade to recoup some ground in the longer run.

GBP - British Pound

Price action remains quite choppy for the GBP which outperformed its G10 FX peers yesterday, as of special note GBP/USD hit 1.20 for the first time in nearly three months. Not that the latest UK jobs data proved particularly upbeat, as in particular UK wages growth continues to lag far behind inflation. This could be further confirmed by today’s CPI figures for October, which are poised to register a sharp monthly leap as households faced higher energy bills after the latest uplift in the energy price cap. Barring any massive surprise in today’s release, the market is unlikely to draw any far-reaching conclusion on the UK inflation outlook into 2023 as amongst the flurry of fiscal announcements tomorrow’s Autumn Statement is to bring some clarification on the fate of the energy price cap past April. As long as the UK government maintains some sorts of predictable support on that front, the market could refrain from calling for a greater tightening effort from the BoE.

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.