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.

Feds keep tapering discussions open ended

USD - US Dollar

The dollar's initial decline on the FOMC statement and economic projections seemed at odds with the hawkish tilt. The dollar only seemed to go bid when Chair Powell said that tapering could be concluded next summer. Analysts are a little surprised that the dollar has not pushed further ahead overnight. Overall, the dollar remains bid on dips against low-yielding Europe in particular. Better performing should be the commodity complex backed by central bank tightening including Canada. DXY remains near the top of this year's range at 93.50/70, but barring an Evergrande default or some terrible September PMIs out of Europe, those resistance levels may stay intact today.

CAD - Canadian Dollar

CAD has been a middle-of-the-pack performer lifted by crude oil gains and commodities and constructive risk sentiment generally. The jump in CAD implied o/n volatility underscores the fact that the CAD will be highly reliant Fed’s policy tone should help shape trends in the future. As mentioned above, the loonie should fare well against its counterparts given our commodity-driven economy backed by the BoC which we expect to continue tightening over the coming months.

EUR - Euro

EUR/USD has again found support under 1.1700. Fresh inputs to the Euro story will come from the flash PMIs for September. The services industry has been recovering well, but the question will be whether manufacturing confidence takes another large step lower in response to China, ongoing supply chain disruption and most recently the surge in gas prices.

Today we also see the last big TV debate before Sunday's German election. It certainly is hard to pinpoint any impact on the EUR from German election polls, especially with the combination of any coalition far from certain. For now, the EUR will take direction from the greenback rather than domestic inputs.

GBP - British Pound

Analysts don’t believe that the BoE will deliver on market expectations of a first hike next April and 40bp of tightening for 2022. At the heart of the forecast is the BoE needing to see wage growth and second-round effects, rather than merely responding to the jump in headline inflation.

The UK economy faces headwinds this Autumn as the furlough scheme comes to an end, benefits are cut and taxes are set to be raised to fund social care. Failure of the BoE today to support those early tightening fears and a Fed story providing a supportive dollar back-drop suggests significant downside risk for the GBP.

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.