Greenback Starts the Day on the Rise Given the Risk-Off Approach
USD: The trading halt imposed on some highly volatile stocks yesterday by retail platform Robinhood has been a dominant story. The dollar was back on the rise in overnight trading after losing a big chunk of Wednesday’s gains during yesterday’s session. We could see the greenback retain some momentum into the weekend on the back of safe-haven demand: further developments in the Robinhood story will be closely watched in this sense. Still, the recent reiteration by the Fed of its ultra-dovish stance despite an improving outlook leaves the dollar vulnerable in the medium-term as risk sentiment stabilizes. Some US data releases today: December personal spending, PCE, MNI Chicago PMI and housing data) should have a limited market impact.
CAD: Canada will release its November GDP figures, which we expect to come in at 0.2% month-month, slightly below consensus (0.4%). The impact on CAD should be contained considering the outlook has sharply changed after vaccine-related news. CAD may stay under some pressure today in an unsupportive risk environment.
EUR: France’s GDP slump in 4Q turned out to be less severe (-1.3% QoQ) than forecasts. This leaves us more confident for a positive read (0.2% vs consensus 0.0%) in the QoQ figures for Germany, which experienced looser containment measures in the same period than did France. Indications of a more contained 4Q activity slump in the Eurozone may help the EUR weather the current positive dollar momentum better than other G10 currencies. Meanwhile, expect more headlines on Italian politics as the scenario of a technocratic/national unity government appears slightly more likely following the latest developments.
GBP: Sterling is closing the week (and the month of January) being the only G10 currency outperforming the USD. We expect the vaccination advantage of the UK to keep driving GBP lower in the rest of 2021.
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.