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.

USD Gains Broadly as Risk Appetite Slides on Virus Concerns.

USD: Has maintained yesterday’s firm tone overnight, though moves have been small compared to yesterday. US 10yr yields have slipped below 1.6%, but slightly weaker equity futures are dominating FX moves in the absence of significant news flow. Fed speakers late yesterday (Brainard, Bullard) emphasised a “patient approach” to policy tightening, while BoC Deputy Governor Gravelle said the Bank was “evaluating how the process of adjusting [asset purchases] could unfold.” Day ahead: Today’s data releases are dominated by the flash PMIs in the Eurozone and UK (see EUR and GBP). The calendar is otherwise filled with central bank‐speak, with at least four more Fed speakers scheduled Fed Chair Powell and Treasury Secretary Yellen appear before the Senate banking panel today, though with the main text already released, the only interest will be in the Q&A sessions.

CAD: The CAD has been pulled by weak risk appetite, sharply lower WTI prices (-3.5%) and broader losses in the commodity bloc. USDCAD has struggled to extend much above the low/mid 1.25s in the past few days. Given the focus on domestic housing affordability, CAD price action might also reflect investor concerns that the Federal government will mimic the NZ government’s moves to curb house prices, even though Ottawa has shown little appetite for major measures in the past. While the risk mood and softer crude prices are clear headwinds for the CAD. USD/CAD is inching toward a key resistance trendline at 1.2637 that will have to be breached in order to reverse the 1‐year downtrend in the pair. Support is located at 1.2546 and 1.2504.

EUR: This month saw two major changes in euro area lockdown restrictions. Firstly, Germany allowed the reopening of a limited number of non‐essential shops. Secondly, on the March 15, Italy re‐imposed full lockdown measures on over half of the country. We see the effects of these two changes roughly balancing each other and therefore look for the euro area wide services PMI to be little changed from last month at 45.8. As for the manufacturing PMI, robust new domestic and foreign orders point to another strong month.

GBP: Today brings March CPI and, more importantly, PMI data. There was a surprise improvement in the PMI surveys in February, particularly in services. However, we think that is giving a misleading picture of the movement in underlying activity. The rise in the headline PMI number was driven mainly by higher prices. For this month we look for an improvement in the services PMI to 52.3 and a slight easing of the manufacturing PMI to 54.3. The next significant move higher in CPI inflation will come in April. Between now and then we expect a gradual drift higher in CPI.

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.