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: Broad dollar decline continues

USD: News of very high efficacy rates on a second vaccine has helped maintain benign conditions in global markets, with equities continuing to nudge to new highs (and Tesla’s S&P 500 index inclusion helping too). This is helping to keep the dollar pressured across the board (including USD/JPY) and seeing FX implied volatility levels sink lower. The biggest threat to this scenario is probably some unexpected hard landing in the US economy on the back of second wave lockdowns – a story that has yet to resonate so far (perhaps because of the vaccine backstop?). Look out today for October US retail sales, expected to slow to 0.5% MoM from 1.9% in September. This looks unlikely to dent benign conditions and we favour the greenback to drift higher.

CAD: Following on the heels of Monday’s manufacturing sales data, economists expect September wholesale sales to rise 0.4%. The improvement in risk sentiment has capped rallies in USD/CAD against 1.3170, with support between 1.3042/58 and resistance at 1.3124.

EUR: EUR/USD remains well supported, buoyed by global optimism. Given the challenges Europe faces – in the middle of a second lockdown – EUR certainly won’t lead the rally against the USD, but we think the dollar decline is broad enough to drag EUR/USD back to 1.1920.

GBP: Press reports today suggest there could be a trade deal within a week. GBP seems a little tired of the stop-start nature of this news, but we would back Cable on the soft dollar story and favour a rally back to recent highs at 1.3310.

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.