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.

Greenback Continues To Strengthen As Global Liquidity Conditions Deteriorate

USD - US Dollar

It’s mostly a dollar story in FX right now. A combination of elevated upside volatility in energy prices, equity under-performance and liquidity concerns continue to push investors seeking safety towards the greenback. As the Ukraine conflict shows no sign of imminent de-escalation (more Russia-Ukraine talks yesterday yielded no tangible result) markets remain firmly focused on the implications for the energy market. The US is reportedly looking for consensus among allies to stop or curb the import of Russian oil and might move autonomously should European countries continue to resist such a fully-fledged ban. Meanwhile, Russia has threatened to cut gas supply to Europe. This is an environment where markets are quite freely speculating on the magnitude of the supply shock to the commodity market, which is translating into big intra-day fluctuations in many commodity prices – even outside of the energy spectrum. The highlight in the US calendar today is the NFIB Small Business Optimism index, hardly a market-moving release, especially in the current market environment.

CAD - Canadian Dollar

USD/CAD is back to levels that it was 2 weeks ago when Russia first invaded Ukraine. It seems that the loonie is caught between support from higher energy prices and USD demand. In the current environment, USD/CAD is range bound and it is tough to have a firm direction despite higher oil prices, a hawkish BoC.  Domestic data releases are thin for most of this week, leaving the CAD exposed to the broader risk mood. Friday sees Feb jobs data with a market consensus is for a 125k gain in employment.

EUR - Euro

We estimate the current EUR/USD fair value at around 1.0930. Downside risks for the pair remain sizeable, with markets that may price in more of the adverse impact on the eurozone’s economy of a potential reduction of energy flows from Russia. With Russia currently threatening to cut the gas supply to Europe, upside risks to gas prices remain very significant, and so does the downside risk for EUR. Later this week, we expect the European Central Bank to pause its hawkish transition, which looks unlikely to give the euro any lifeline. Still, markets will be on the lookout for any currency-related comments. We think EUR/USD may remain under pressure until finding support around the 1.0640, 2020 lows. 

GBP - British Pound

Dollar strength continues to put pressure on the GBP, which saw a technical break and is currently pressing 1.3100 and could soon be testing the psychological 1.3000 support, a level last seen in November 2020. The conflict and potential Russia retaliation on the energy supply are likely to have a significant impact on the GBP in the coming days. 

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.