Locked and loaded for another edition of US and Canadian job data
USD: We have seen quite a hawkish set of central bank meetings in the EM space this. In the G10 space, those central banks openly discussing normalizing monetary policy have seen their currencies out-perform. Even though the US is at the top of the list of those countries closing output gaps and in theory needing to withdraw loose policy, the Fed's new monetary policy strategy has muddied the waters in this relationship. Indeed, despite a generally positive set of US releases this month, the Fed remains on the sidelines. The big focus today, is the US April NFP. A 1 million increase is expected in the headline figure. Upside surprise will mean that the Fed is making quicker progress, bringing tapering nearer. Most expect the greenback to make a run today.
CAD: The CAD could remain supported especially if market expectations of a fairly aggressive growth rebound in the second half of 2021. That said, we also believe that the recent CAD rally has captured most of these positives already. Despite the recent run, most remain bullish on the CAD outlook but the positive trend does risk hitting a bump in the road today if Canada’s labour market data reflects the softness that should follow on from the renewed lockdown measures imposed last month. Weakness may contrast with a blockbuster jobs report from the US.
EUR: While the EUR certainly finds little support from the monetary normalization narrative stronger Eurozone data, not only from the business side but now from the consumer side too suggests EUR/USD has a window to advance. Most analysts expect the EUR/USD to push through 1.2080/2100 today to retest last week's high at 1.2150.
GBP: There are no indications as yet on Scottish parliamentary elections. This is an event risk that could hold GBP back, but otherwise an optimistic assessment from the BoE yesterday should continue to see GBP supported. The markets will be looking to see if the GBP/USD can test and break 1.40 post NFP today.
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.