USD: Despite the meaningful spike in US treasury yields, most of the G10 Currencies remain fairly stable and recorded gains vs USD. As long as the rise in US treasury yields and the curve steeping is driven by the ‘’good’’ economic factors and the perception of the Fed remaining behind the curve (tolerating the CPI overshot), the rise in yields is not detrimental for risk assets and doesn’t benefit USD. The inflation/ growth driven rise in US treasury yields should keep USD on the back foot vs the G10 FX space in coming weeks.
CAD: Is putting the USD under incremental pressure. Firm crude prices and the generally bullish trend higher in commodity prices are combining to drive USD lower and we think that more CAD gains are not an unreasonable assumption. BoC Governor Macklem’s comments provided no new insight into the economic or policy outlook; to a large extent, his remarks followed the cautious tone of his Fed counterpart, stressing that the economy would require “considerable” monetary support for some time to come.
EUR: As the rise in US treasury yields is driven by economic (and not monetary) factors, the euro, a currency of a large open economy, benefits vs USD. EUR/USD to grind towards 1.22 in coming days. With the confidence in global recovery/reflation dynamics growing.
GBP: Continues to stand out in the G10 FX space, with the vaccine dividend making it the outperformer among the major currencies. Speculation about the extension of the Covid-19 support/fiscal measures are also GBP positive.
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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.