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.

Employment data from US and Canada tomorrow will drive direction

US Dollar - USD

A largely range-bound trading session was shaken yesterday by a set of hawkish comments by Fed’s Vice Chairman Richard Clarida, which pushed the dollar higher. Despite the Delta variant spread, Clarida signalled how the US economy is on a fairly solid recovery track, which warrants an unwinding of monetary stimulus. He added that if the growth outlook remains strong, he favours a tapering announcement by the end of the year. On forward guidance, he said that he expects the economic conditions necessary to raise rates to be met by the end of 2022, which allowed markets to cement their view that a first-rate hike will be delivered in 2023. The hawkish comments by Clarida came at a time when markets were starting to look with some concern at some data misses (including ADP payrolls earlier yesterday) as a potential signal the Fed might have to turn more cautious on its tapering plans. For today, the dollar will remain rangebound with a quiet US calendar (focus will only be on jobless claims).

Canadian Dollar - CAD

The Canadian dollar was driven more by USD moves yesterday more than anything else. Today will likely be a quiet one as the market waits for employment data tomorrow. The greenback aside, crude prices have drifted a little lower while spreads are stable. Spot remains well below a Fair Value estimate (1.1804). Snap election speculation continues to simmer, which is no great surprise as minority governments rarely run to a full term in Canada.

Euro - EUR

EUR/USD remains largely driven by dollar dynamics. Clarida’s hawkish remarks came at a time when the pair was testing the 1.1900 level, sending it back to the middle of the 1.1750/1.1900 range seen in the past month. Except for the rarely market-moving ECB economic bulletin, there are no clear EUR catalysts in the eurozone's calendar.

British Pound - GBP

It’s all about the Bank of England meeting today. There is a low probability that policymakers will turn more hawkish at this meeting. This means that most do not expect to hear any hints about an earlier rate hike. On the growth outlook, the spread of the Delta variant should force a downgrade of 3Q forecasts but expect the BoE to keep signalling the economy is on track to reach pre-pandemic levels by year-end.  The impact on GBP should be rather limited and neutral. If anything, there could be a risk that part of the market has priced in more than two votes for an early end of QE (a hawkish signal), which may cause marginal repricing of rate expectations and some GBP weakness.

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.