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.

A Little Calmer Today; Energy Prices Look To Remain High

USD - US Dollar

Equity futures seem a little more supported today as the markets hope that some kind of ceasefire can emerge in Ukraine. Fanning those hopes seem to be comments from President Zelenskiy that Ukraine no longer seeks NATO membership. At the same time, it seems that Russia may no longer be seeking regime change in Kyiv. This seems to be building expectations that some kind of deal can be achieved when Ukraine and Russian foreign ministers meet in Turkey tomorrow. Even if a deal were thankfully achieved, what is clear is that sanctions against Russia would not be reversed immediately and that Putin's war in Ukraine has accelerated the West's transition away from Russian energy supplies. The big news yesterday was the US and UK banning Russian fossil fuel imports, while the EU announced a plan to wean itself off Russian natural gas supplies. Naturally, fossil fuel prices remain elevated and there are even suggestions that more coal can be burnt in the process. 

Suffering less of a growth shock than Europe, the US focus will remain on inflation. Tomorrow sees the release of US February CPI - potentially near 8%. Expectations for the Federal Reserve tightening cycle have remained quite robust and we would continue to back the dollar over coming months, where not only energy independence and liquidity support it - but also widening interest rate differentials.

CAD - Canadian Dollar

CAD continues to weaken even though Oil was trading higher once again with the USD/CAD trading at 1.2900, before finally finding some resistance. Strong gains in crude, a neutral-looking USD and improved risk appetite should combine to drive gains for the CAD but this has not materialized. We remain bullish on the CAD outlook with gains in the longer term but expect continued CAD weakness in the immediate future given the conflict in Ukraine.

Canadian Dollar SnapShot taken at 9:46 am est.

USD CAD Conversion Chart 9 march 2022

EUR - Euro

What is notable this week in all the headline craziness is the euro FX are trading in a much more stable fashion than last week. The growth shock associated with a protracted conflict will hurt everyone ultimately, albeit more so the Eurozone, there may be some repatriation flows and there are small noises around some room for negotiation. What clearly won’t change anytime soon is the economic fallout from this crisis and the repercussions are well publicized, so it’s hard to see any protracted moves beyond short term positioning adjustments and the positivity around commodity currencies should persist at the expense of others. Euro for the first time in a few sessions feels a little more vulnerable to the topside with a possible move toward 1.10.

GBP - British Pound

High energy prices are increasing the risks that the UK goes into a technical recession in the third and fourth quarters of this year. While these fears may be negative for GBP over the longer term, a hawkish Bank of England will probably keep GBP bid. GBP/USD is clinging onto support above 1.3100, but failure to move through the 1.3150/3180 area leaves it vulnerable to 1.2850 on renewed dollar strength.

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.