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.

Soft US Consumer Sentiment and Softening Inflation Should also Keep the Dollar on the Back Foot

USD - US Dollar

An on-consensus US CPI release yesterday did not interrupt this year’s narrative of the US Federal Reserve being able to cut rates later in the year and the dollar being able to fall. Consensus is now behind consecutive 25bp Fed hikes in February and March, followed by a Fed turning dovish over the summer and starting to deliver rate cuts later in the third quarter. The Fed taking rates back towards less restrictive territory remains a tailwind to risk assets – especially to emerging risk assets buoyed by China rebound expectations. It is a quiet day for US data, and a soft University of Michigan consumer sentiment plus declining inflation expectations can keep the dollar on the back foot.

CAD - Canadian Dollar

While the CAD has progressed against the soft USD over the week, it ranks among the weaker performers over the past five days, with gains (0.75%) that are about half of those of its G10 commodity peers. Commodity prices have strengthened somewhat this week—the Bloomberg Commodity Index is having its best week since Nov—reflecting China’s reopening moves and building hopes that the global economy is holding up better than expected early in 2023 and additional gains may provide some backing for the CAD. US dollar is trading heavily against the Canadian dollar. It traded near 1.3320, the lowest level since late November. Nearby support is seen around 1.3300 and then the mid-November low closer to 1.3225. Observe the USD/CAD trends.

EUR - Euro

The ECB’s trade-weighted euro has now returned to levels seen last February and the year-on-year change in EUR/USD is now mildly positive. This will be welcome news to the ECB, where last summer’s 6% YoY EUR/USD decline was contributing to the inflation problem. For today, the eurozone data calendar sees the release of November industrial production and the trade balance. EUR/USD remains on course for 1.0900 and possibly 1.0950. Weekend profit-taking may pose the biggest risk to EUR/USD, but 1.0750 should now be a good near-term base.

GBP - British Pound

While the GBP has held its ground vs the USD so far in 2023, it has clearly lagged the EUR as well as most other G10 currencies. Any potential downside surprises from today’s GDP, industrial & manufacturing production as well as trade & services data for November could add to the divergence between the GBP and EUR. we maintain a cautious outlook on the GBP because we worry that persistent central bank tightening could undermine global risk sentiment while a less hawkish-than-expected BoE could further erode the GBP’s rate appeal.

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.


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.