USD: The dollar continues to sit near the lows of the year, and we doubt it will get any support from today’s FOMC meeting. Central to the current dollar decline is the view that; a) a recovery will be forthcoming and that the Fed will be successful in lifting inflation and b) the Fed will keep rates on the floor well into 2023. We do not expect the Fed’s new projections to challenge this narrative (growth expectations slightly raised, no significant adjustments in Dot Plots of expected Fed Funds) and the focus will be on any clarification of bond purchases – be that forward guidance or any extension of duration in asset purchases in an effort to keep a lid on yields at the long end of the US Treasury curve. We do not see anything dollar positive emerging from the Fed and the current benign dollar decline could extend were Congress to make progress on a new slimmed down $748bn stimulus bill.
CAD: We expect headline y/y CPI to remain unchanged at 0.7% in November, though the average of the BoC’s core measures may edge down slightly (1.8% in October). Yesterday’s bearish breakout below 1.2730 exposes 1.2677 next on the downside.
EUR: Today sees the flash PMIs for the eurozone, Germany and France. Little improvement is expected in the services sector, while the manufacturing sector should still be supportive. The soft dollar environment is keeping EUR/USD bid, but the extension of lockdowns in Germany and across Europe suggest bulls should tread carefully. EUR/USD can drift to 1.2230/50 if there are no nasty surprises from the Fed (unlikely). Any progress on Brexit is also a EUR/USD positive.
GBP: Remains beholden to the latest tweets – the most recent seemingly pointing towards a greater chance of a deal. Thin December markets and some big technical levels in cable at 1.3500/40 warn of strong gains to 1.37 on any concrete signs of progress.
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.