USD: Dollar gains fading Cyclical currencies have stabilized overnight following their post-FOMC decline. Given the strong narrative of low US negative real rates for longer, we don’t expect periods of USD gains to be pronounced and long-lived. The recent move in oil price higher should also help cyclical FX vs USD today. Although there was no change to the OPEC+ deal yesterday, the Saudis put renewed pressure on members who are falling short of the deal, to hit compliance, as well as compensate for their lack of compliance so far (UAE already committed to make up for its previous non-compliance). Short-term, this should give support to oil exporting currencies including the CAD.
CAD: Indications are that StatsCan’s +0.7% m/m estimate for retail sales is below where the final figure will print. Most bank forecasts suggest anywhere from a 3.5% -6% monthly gain. Continued recoveries in auto sales and clothing stores should be evident in the details. USD/CAD is testing support at 1.3153, with a daily close below here shifting the focus back down to a bottom at 1.3029. Resistance is located at 1.3209 and 1.3272.
EUR: EUR/USD has been broadly trading around the 1.1850 gravity line so far this week and this trend should remain intact today, given the lack of meaningful data points and the modestly softer USD overnight. What seems a stabilizing risk environment should the currencies’ recent decline.
GBP: The BoE poured more fuel onto the GBP fire yesterday as officials signaled that the effectiveness of negative interest rates was under discussion. The increased probability of no-deal Brexit makes negative rates even more likely. We continue to see more downside to GBP as not enough risk premia is priced into the currency while the odds of further negative headline news from the (lack of) trade negotiations are high.
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.