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 under pressure after FOMC losses continue to dominate

USD: The greenback remains under pressure across the board as the Fed continues to facilitate a weaker USD environment. The FOMC review: although the Fed acknowledged the improving economic outlook caution remains the name of the game and there was no hint at policy normalization. With front-end US real rates deeply negative and set to fall further as US CPI rises sharply this quarter, the outlook on the greenback continues to remain extremely negative, particularly when other parts of the world set to see an economic rebound in coming months. It is no surprise that the Canadian dollar have been the best performing G10 currencies over the past two days. President Biden’s speech in Congress yesterday further underscored his fiscal stimulus plans, adding additional support. Today, the focus turns to US 1Q GDP. It should be a strong number, led by stimulus-fuelled consumer spending.

CAD: The loonie has been the best performing currency overnight and most analysts remain constructive on the CAD outlook.  The loonie is likely to appreciate over the coming days given the diverging stances adopted by the BoC vis-à-vis the Fed.  Rate hikes remain a long way off, but markets are clearly factoring in the growing risk of a tightening after the middle of next year in Canada.

EUR: EUR/USD broke above the 1.2100 level overnight as the dovish Fed presided over broad-based USD weakness. This should keep EUR/USD on an upward trend in coming months further helped by the improving eurozone economic data. On the data front, we have preliminary German April CPI today, which is set to rise further, very close to the 2% level. However, as the European Central Bank will be looking through the upcoming CPI spikes (seen as temporary and driven by volatile factors) no reaction from the central bank is expected.

GBP: Although also benefiting from the softer USD environment the GBP/USD is very close to the 1.4000 level, political woes are limiting the GBP upside. Indeed, GBP/USD underperformed EUR/USD yesterday with a similar trend overnight. The Electoral Commission has now started an investigation into the funding of Prime Minister Boris Johnson's flat refurbishment. Coupled with the upcoming Scottish elections, all this points to limited near-term upside to GBP.

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.