USD: After yesterday’s US stock market decline, markets stabilized overnight, with European futures only pointing to a modest dip and the dollar being broadly down overnight. While rising Covid cases remain the key near term risk, as has been the case in the latter part of 2020, the market continues to focus on the prospects of the vaccine and the eventual global economic recovery (even if the rebound may come a little later than initially expected – particularly in Europe). All the focus today turns to the run-off elections for the two Senate seats from Georgia. The polls are narrowly favouring a Democrat victory in both seats but, given the margin of polling error, the race is in effect still neck-and-neck. While a possible Democratic victory could raise concerns about more regulation, at least over the coming months this might be outweighed by expectations of larger fiscal stimulus (which would precede possible tax hikes and regulatory measures) and thus keep risk assets supported and the dollar weak over the coming months.
CAD: The CAD is firmer this morning after yesterday’s sharp losses petered out just under 1.28. Crude oil prices have steadied and firmed a little after yesterday’s slide from near $50, sparked by OPEC+ talks breaking up without an agreement on output increases next month. The broader USD tone and risk appetite remain key drivers for the CAD at present but we do feel that the CAD’s recent gains are largely justified by background fundamentals. With spot opening up more or less mid-way between yesterday’s range extremes, spot may continue to drift in the short run until levels are more attractive for USD buyers or sellers.
EUR: Soft dollar dynamics remain the prime EUR/USD driver. With the run-off US Senate elections in Georgia ahead and the uncertainty about the outcome, the cross should remain rangebound today. Still, more upside in EUR/USD lies ahead as the Federal Reserve sticks to its average inflation targeting framework, US real rates remain negative and the current account deficit bites.
GBP: Was the worst performing G10 currency yesterday following the announcement of new lockdown measures. We expect the effect on GBP to be isolated and limited, with sterling already returning to normal trading overnight. This means GBP/USD should be pushing higher in line with the rising EUR/USD.
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.