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. USD CAD EURO GBP Forecast.

US CPI will Remain under Target but Profile May Show Signs of Acceleration

USD: All eyes are on US January CPI and Federal Reserve Chairman Jerome Powell’s speech today, given the focus on the reflation theme and the prospects of possible overheating of the US economy. On the former, CPI today should remain subdued at 1.6% year-on-year. However, it is the profile that matters, with a sharp acceleration expected in the second quarter and US CPI spiking to 3.8% in May. On the latter, while concerns are increasing whether the Fed is signalling a too loose policy set up given the inflation and growth outlooks (both helped by the prospects of a large US fiscal stimulus), it is likely that Chair Powell remains cautious today and does not deviate from the message of the last FOMC meeting.

CAD: Is little changed on the day and has made only marginal headway since the end of last week when the USD started to show renewed signs of broader—short-term, at least—softness. Crude oil and a further, if modest, narrowing in longer-term rate spreads suggest the CAD has a little more upside potential. BoC Deputy Governor Lane speaks on digital currencies and payment modernisation. This week’s decline in USD/CAD highlights initial support at 1.2682 ahead of a key triple bottom at 1.2630.

EUR: EUR/USD embarked on a tentative recovery and with Powell unlikely to signal any change in the Fed’s guidance today, EUR/USD should stay above the 1.2100 level. Germany may go its own (additional) way in vaccines procurement with Merkel’s government unhappy with the EU’s pace and considering the purchase of Russian and Chinese vaccines. The move may accelerate the rate of vaccinations in the country (and aid the EUR). But it hardly looks good that Germany, one of the EU’s biggest backers, is going its own, independent, way and puts more pressure on EU. The EUR should generally follow the dollar tone for the rest of the week.

GBP: GBP/USD broke above the 1.3800 level – the highest reading since April 2018. While the bullish repricing of the GBP specific outlook has been the main supporting factor of the cross over the last two to three weeks, right now GBP/USD is benefiting from the EUR/USD recovery. Looking ahead, most expect both factors to work in favour of GBP/USD, with the cross moving towards the 1.50 level throughout the year.

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.