Sticky Registration Sticky Customer Support

Daily Currency Update

Get access to our expert daily market analysis and discover and track your currency pair using our exchange rate tools. EUR, GBP, USD & CAD Forecast.

The highlight of today's session will be the FOMC statement

USD - US Dollar

The highlight of today's session will be the FOMC statement and Chair Powell's press conference. There are strong expectations that the Fed will confirm a tapering program of $15bn per month over the next eight months - effectively concluding its latest wave of QE by next June.

The dollar bearish case is that the Fed does not change its statement substantially. This will keep the market guessing about when the Fed starts its tightening cycle. Alternatively, if the Fed acknowledges that elevated inflation does not 'largely reflect transitory factors' shows greater concern about this today, US rates and the dollar could get a boost.

Also, today lookout for the October ADP reading and ISM services, both giving insights into Friday's NFP. With the Fed starting tapering, arguably US rates markets become more sensitive to US data. The consensus seems to be for around a 400/450k increase in both ADP and Friday's NFP.

CAD - Canadian Dollar

USD/CAD direction today is fraught with danger and the FOMC decision will dictate USD/CAD direction. How Powell deals with the inflation question will obviously dictate direction. The CAD is a relative under-performer with declines in crude oil, reflecting intensifying US pressure on OPEC+ to lift output. Recent data points have shown improving bullish sentiment for the CAD though seasonal trends into November do favour the USD somewhat. We continue to view modest USD/CAD and target 1.22 for year-end.

EUR - Euro

We have become increasingly bullish on the dollar over recent months and see today's Fed meeting as a potential catalyst for EUR/USD to test major support at 1.1500. The Fed story is probably the best chance EUR/USD has of breaking 1.1500 this year since December seasonal trends tend to be dollar negative.

From the Euro's perspective, we note that European stock markets are performing well but the more dovish ECB has a stronger case to push back against the pricing of rate hikes this year. As above we favour EUR/USD to test 1.1500 today. Very few changes to the Fed statement could see EUR/USD spike to 1.1625, but we see a move back to 1.1690 or a close above 1.1700 as highly unlikely.

GBP - British Pound

In our BoE preview, we had felt that GBP could correct lower on our baseline scenario of a split BoE vote to hike and some indirect rate protest via the CPI forecast. Given we're bullish on the dollar, Cable looks like it can probably press and potentially break good support at 1.3570/3600.

Currency Chart

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.

Daily Currency Updates
Daily Market Analysis
Get daily intelligence and currency reports directly to your inbox.
Weekly FX Technical Analysis
Weekly Technical Analysis
Get our weekly technical analysis providing valuable insights.
Monthly Currency Outlook
Monthly Currency Outlook
Receive our monthly currency report and help improve your forecasts.

By entering your email address you agree to the MTFX Terms Of Use and MTFX Privacy Policy and agree and agree to receive sales and marketing communications. Unsubscribe at anytime.

FAQs

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.
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.
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.
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.