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.

Markets More Optimistic Around A De-escalation In Ukraine

USD - US Dollar

US CPI data for February is due out today, with the markets bracing for another gearing-up in US inflation. Most analysts are looking for the headline rate to rise further to its highest level since 1982 just shy of 8% YoY. Importantly, core inflation is expected to follow suit with a further pick-up to 6.5% YoY. The bar for another upside surprise to eventually revive speculation over a 50bp move from the Fed in March has nonetheless been put at very high levels due to heightened geopolitical risks on the global stage. Yet, higher inflationary pressures at present could still have longer-lasting ramifications onto the medium-term outlook, as they will likely translate into stickier inflation further down the line. For the USD though, it looks like most of the good news is already in the price, as US money markets are discounting about seven 25bp rate hikes for the year ahead.

CAD - Canadian Dollar

The CAD has picked up a little ground overnight with the USD’s gains trading blocked around the 1.29 level. The CAD is a middle performer among the major currencies, however, and is lagging its G10 commodity currency peers. Commodity prices are modestly lower but the CAD’s performance continues to reflect the broader USD tone on the one hand and the risk backdrop on the other.  A significant appreciation of the CAD will likely only occur if there is an easing of tensions in the Ukraine conflict which would encourage investors to reduce exposure in the USD. There isn’t much happing domestically today.  Employment data is expected to be released tomorrow. USD/CAD Chart.

EUR - Euro

Growing market hopes for a ceasefire deal between Ukraine and Russia have been helping the EUR recover more recently. The outcome of the Ukraine crisis remains highly uncertain, however, and investors could continue to use the EUR as a war hedge. The crisis will also cast a shadow on today's ECB meeting and force the Governing Council to postpone any meaningful adjustment of its policy. That said, expect the ECB will reiterate that, while delayed, its policy normalization has not been derailed. A less dovish-than-expected outcome of the ECB meeting today could keep the EUR supported but only if hopes for a resolution of the Ukraine crisis persist in the near term.

GBP - British Pound

Given the euro's higher exposure to the Ukraine conflict compared to the pound, encouraging developments towards some de-escalation are a net positive for GBP. Looking ahead, we might see the GBP/USD break above 1.3200 today, but further strength in the pair may well be challenged by investors’ reluctance to let go of all their defensive US dollar positions given the still elevated uncertainty on the geopolitical and market liquidity conditions.

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.