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. USD CAD EURO GBP Forecast.

FOMC minutes: we might begin to tighten

USD: Reading through the FOMC minutes last night, the key sentence about a number of participants potentially being ready to talk tapering at upcoming meetings seemed a little inconsistent with the rest of the document. Driving that is probably a sense that when the Fed does forewarn the market about tapering (June, July or September?). it will be wary of market surveys that it is expected to take three quarters to slow its asset purchases. And then a further three quarters before the first Fed rate hike. This all points to a first Fed rate hike in 1H2023. A Fed rate hike in early 2023 is currently priced by the market and how those expectations are brought forward - or are pushed back - will determine the path of the dollar and risk assets.

CAD: The CAD has softened somewhat more than we expected yesterday, with weaker risk assets and the sharp fall in oil prices around news of some potential progress in reviving the Iran nuclear deal is weighing on CAD sentiment. Somewhat softer commodity prices certainly represent a headwind for the CAD but we note that CAD-supportive spreads are little changed and should serve to limit losses.

EUR: EUR/USD has held up pretty well amidst the first real wave of a Fed tapering discussion. Yet we have recently been highlighting how monetary policy normalization trends have been driving FX trends - thus we should be wary about the dollar wanting to push a little stronger. The Fed has also been making worthy points about the volatility in data - and potentially in markets - over coming months on the back of the re-opening.

GBP: GBP has held up quite well this week. Investors are taking a glass half-fill approach to the UK economy and prospects for GBP, which should keep GBP bid ahead of tomorrow's releases of April retail sales and May PMIs. Expect a tight GBP/USD range a tight range in the 1.4090 – 1.4160 range today.

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.