USD: The dollar has remained generally supported in early trading today as markets await new catalysts in the form of data releases or political developments in the US. On the latter, Vice President Mike Pence has pledged to keep working with President Trump until the end of his mandate, therefore refusing to remove Trump from office through the 25th Amendment. This means that the Democrats will have to go through Congress for the impeachment process. For now, markets have not shown a high sensitivity to the recent political turmoil in the US and with only eight days before Biden’s inauguration, it appears the effective implications of a successful Trump impeachment may be limited from a market perspective. Looking at the US calendar, the December NFIB Small Business Optimism will be released today and will be followed by a plethora of Federal Reserve speakers later in the day. With the Fed’s rate expectations at rock bottom, any further rise in US yields will remain a function of rising inflation expectations which leaves us confident on a bearish dollar call.
CAD: Canadian economy not a hindrance to further CAD gains. A surprisingly upbeat tone emerged in the Bank of Canada's Business Outlook yesterday, but this was mostly due to vaccine-related optimism and masked the struggles of the Canadian economy shown in Friday’s jobs report. That said, Canada is not a negative standout in the global recovery story, leaving CAD with further room to appreciate. There remains an outside chance that the USD/CAD dropping below the psychological 1.25 level in the coming months.
EUR: The EUR is experiencing a lack of idiosyncratic drivers early in the week ahead of some central bank activity tomorrow (ECB President Christine Lagarde participating in a Q&A) and on Thursday (ECB minutes). Despite having been a background story so far, recent Italian political noise may intensify in the next 48 hours as former Prime Minister Matteo Renzi’s party may pull support from the government. Any significant market reaction emerging in a widening BTP-Bund spread (currently at the lowest in five years) bears downside risks for the EUR.
GBP: Is showing tentative signs of recovery despite the decent USD momentum after a weak start to the year. We maintain a rather optimistic near-term stance on GBP considering that the majority of bad news appears to be already in the price. Also, we remain reluctant to forecast negative rates by the Bank of England. In this regard, keep an eye on BoE’s Deputy Governor Ben Broadbent speech this morning.
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.