USD: With the July FOMC meeting tomorrow, most analysts are expecting a quiet trading day today with no meaningful moves in the greenback against the G10. The street’s bias is for a slightly stronger dollar given the risk of some modest hawkish bias from the FOMC. As for today, the IMF is releasing an interim update on its World Economic Outlook. In April, the fund saw the world growing by 6% in 2021 and by 4.4% in 2022. It will be interesting to see if the IMF downgrades China’s forecasts much, if at all. In April, the IMF had China growing at 8.4% in 2021 and 5.6% in 2022.
CAD: The loonie starts the day a little weaker but continues to remain rangebound around the 1.25 level. There isn’t much happening today with the exception of firmer commodity prices which are CAD supportive. Ahead of the FOMC the loonie may test the 1.26 level given the recent correlations between the CAD and US equity markets.
EUR: It is a quiet day across the eurozone today. June M3 money supply will have a limited impact on the euro with the EUR/USD expected to trade around the 1.1800 level today, with downside risk towards 1.1700 later this week given the possibility of a hawkish FOMC.
GBP: GBP got a boost from falling Covid cases in the UK, helping to reverse some prior losses partly caused by the previous worsening of the Covid situation and concerns about the effect of the full easing of restrictions. GBP/USD won’t move much today ahead of tomorrow’s FOMC.
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.