USD: The dollar is slightly firmer after the FOMC meeting, but the move looks to be a function of positioning or misplaced market expectations rather than anything to be taken from the FOMC statement or projections. The main move in the US yield curve was at the long end and right now 30-year Treasury yields are only up 2bp post Fed. As long as market expectations of an economic rebound hold (second wave lockdowns and the fiscal response will have a say here), negative real yields will keep the dollar bear trend intact. We continue to expect continued USD weakness in the short term.
CAD: The CAD moved from a test of the 1.32 mark late last night to now track a ~0.2% gain for the day that leaves it under-performing all of its major currency peers as it continues to trade in the narrow channel it has been in over the past week or so and we expect much of the same today. The recent increase in COVID-19 cases in Ontario is worth monitoring for the re-imposition of virus restrictions.
EUR: Stretched positioning can always create risks for FX pairs and certainly that is the case in EUR/USD right now. Yet EUR/USD has rallied for good reason this summer and we think 1.1700 should prove the lower end of the near-term trading range.
GBP: Rallied late yesterday seemingly on news that the PM Johnson had agreed a deal with Tory rebels, giving parliament a veto over some measures of the Internal Market bill before implementation. We think recent GBP gains may well be reversed. GBP may also face headwinds from today’s BoE meeting where renewed caution may provide hints to more stimulus in November.
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.
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.
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.
How do customers send funds to MTFX?
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.
Please read the following update before logging in to your MTFX online account
We have updated our online dealing system to provide you with better functionality, more unique tools and an overall enhanced client experience. MTFX Online 2.0 is now available for your dealing needs. You can begin using our enhanced online portal today.
Please note that the traditional portal will be available for use until MAY 30th 2021 at which point it will be decommissioned.