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.

US election: timing is everything

USD: All eyes on Florida. Markets approach election day in a rather upbeat mood - risk assets started off the week on the right foot despite more pessimistic news on the global pandemic situation. In the next 24 hours, we will be able to see the first market reactions as projections and partial results start shaping expectations around the final winner, although there is a significant chance no winner will be announced by major media outlets before tomorrow or even later in the week. Still, tonight’s results from a few states that start counting early voting in advance may be enough to form some reasonable projections. Focus will be on Florida, North Carolina and Arizona, the first of which should already start, reporting results by 19:30 EST, and that’s when we may see the first significant market reaction. Should Biden manage to secure one of those three States (especially Florida or NC) then the chances for Trump would fall dramatically. In other words, while there is a high risk of a delay in the result, there is also a material chance that Biden may have virtually secured a win by 03:00 EST if results show he’s clearly ahead in those States. Looking at the FX implications, we expect any early sign that the election is leaning in favour of Biden to put pressure on the dollar.

CAD: Is a moderate out-performer on the day, rising with its commodity cousins in a reflection of the bid for risk assets while ignoring crude oil. Gains are marginal, however, and we expect caution to prevail ahead of today’s US voting—and the risk of some delay before we get a clean read of the election outcome. The key driver for the CAD in the short run will remain risk sentiment and the US election.

EUR: Not the biggest winner in a “blue wave” scenario. EUR/USD is set to be solely driven by the early US election results (i.e. by the impact on the USD), specially considering there is no relevant data point in the eurozone calendar today. We see EUR lagging the other majors in a “blue wave” scenario, but it could still rise to/above the 1.1800 area.

GBP: Eyes on the US before the BoE. Like the EUR, GBP should lag other G10 currencies in the case of a market-friendly outcome from the election due to its lower correlation with global risk appetite. Incidentally, GBP is the currency that could see more idiosyncratic drivers this week as the BoE meets on Thursday and it’s set to expand QE.

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.