Higher revisions in US GDP figures for Q321 was too backward-looking to support the USD much further, but stronger US consumer confidence was still a net positive for the US economy. The US calendar is jam-packed today, with the latest PCE and durable goods orders likely to get the most attention. Following the recent peak in the US CPI, the Fed has already become more hawkish, removing its temporary inflation assessment, speeding up its QE tapering process, and front-loading rate rise expectations for the coming year. The bar appears to be set quite high for any upward inflation surprise to boost the USD, as personal spending and income statistics may become more relevant in the future. In the end, the USD is on track to finish 2021 as the outperformer in the G10 FX.
CAD - Canadian Dollar
The CAD remains one of the weaker currencies in the G10 FX sector in December, it is holding near its 2021 highs, just shy of 1.30. The CAD has yet to gain from a rise in energy costs, possibly due to the reinstatement of Covid limitations in several areas. Meanwhile, macroeconomic data from Canada continues to show strong results. Today's GDP statistics are expected to reflect the greatest monthly gain in seven months (0.8 percent MoM), while the November flash estimate suggests Q421 will continue to grow at a steady pace. This may not be enough to provide the CAD with a significant reprieve, as Canada's more advanced recovery calls for fresh CAD outperformance over the USD in 2022.
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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.
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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.