USD: Heading into a new quarter, the dollar looks forward to break-out US growth and a narrative of how much of Joe Biden’s $2.2trn infrastructure bill makes it through Congress by July 4th. With US headline inflation set to rise to 3.5-4.0% this quarter, the Fed will face an uncomfortable few months as it tries to fend off pressure to reduce monetary accommodation. For today, look out for another strong ISM Manufacturing reading in March and probably more scrutiny on the prices paid component.
CAD: The holiday-shortened week will come to an end with the release of February building permits data. Although a 1.4%m/m decline is expected after a strong 8.2% increase in January, the data is not expected to move markets. On the COVID front, New regional lockdowns in Canada might temporarily take some steam out of the CAD rally. Tuesday’s bullish move above USD/CAD 1.2606 has failed to see any topside follow-through, with support at 1.2540 and resistance at 1.2610.
EUR: One of the few positives in Europe right now is the performance of the manufacturing sector. Fortunately, Europe is well positioned to benefit here and the release of a strong set of manufacturing PMIs should help Europe withstand the hit to the service sector from renewed continental lockdowns. The current environment is unlikely to help EUR/USD in the short term. Most had expected a 1.1700 low for EUR/USD this week, but pressure is building to drop over coming weeks to 1.1550/1600.
GBP: The UK saw some healthy revisions to 4Q20 GDP yesterday largely driven by the investment side. This should continue to support GBP on a relative basis. The GBP which continues to remain supported by the vaccine rollout compared to its peers.
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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.
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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.
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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.