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.

The Soft Dollar Trend Won’t Last Long

USD - US Dollar

Similar to what had happened in the aftermath of six of the previous eight FOMC announcements, a “sell-the-fact” dollar reaction was triggered yesterday. Markets seemed to cling on to the notion that the Fed will slow down tightening, which resulted in an equities rally. Market expectations suggest another 100bp of extra tightening at the September, November and December meetings combined. Speaking of recession, Powell seemed to retain a rather optimistic approach on the topic, today’s GDP numbers will be a first test of the dollar’s reaction function to incoming data.  Looking ahead, we expect the post-FOMC dollar weakness to fade. The recovery for global risk assets is long and bumpy, as the magnitude of a global slowdown remains high. Expect a heightened sensitivity to data to keep volatility high.

CAD - Canadian Dollar

Although US futures are trading lower, the Canadian dollar is slightly firmer at its best level since mid-June. The US dollar is straddling the 1.28 to start the day.  The CAD’s correlation with stocks/equity volatility remains soft and its relationship with crude/commodity prices generally has strengthened in recent weeks but the broader risk mood continues to shade the CAD’s performance, we feel while the CAD has not really reflected the bounce expected with commodity prices. These trends suggest some upside potential in the CAD but we expect short-term moves in the CAD will effectively be driven by external events.

EUR - Euro

EUR/USD received a bump after the FOMC and is back at 1.0200 but we don’t expect the dollar’s soft momentum to linger for much longer. This means that downside risks over the coming weeks for EUR/USD remain strong and continues to be tied to further developments on the Russian gas story. The focus will be on data releases - German CPI figures will be watched very closely ahead of tomorrow’s eurozone-wide figures and could have a quite tangible impact on the euro. On the ECB side, we’ll hear from Bank of Italy’s Governor Ignazio Visco today.

GBP - British Pound

With the exception of some headlines about campaign pledges by Liz Truss and Rishi Sunak, there simply isn’t much that markets are looking at in terms of domestic drivers for GBP. The data calendar is set to be very quiet into next Thursday’s Bank of England rate announcement, ahead of which markets are pricing in around 45bp of tightening. We think GBP/USD is still at risk of a return to or below 1.2000 in the coming weeks.

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.