USD: Investors continue to reassess the risk of stricter containment measures against the optimistic prospects of a vaccine. This dichotomy may prove to be a zero-sum game for markets at the moment and we could see risk sentiment face further stabilization as we head into Thursday’s Thanksgiving holiday in the US (equity and bond markets are shut). Also, at the end of the week, Black Friday sales figures will be closely watched to track any hint of resilience in consumer spending despite the pandemic. Hardly any catalysts will be offered from the US data calendar, with PMIs on Monday and a bunch of releases of Wednesday all unlikely to have major implications for markets. All in all, we expect the dollar to stay on a stable path this week, but we retain a clear USD dovish bias in the longer term.
CAD: The loonie has been on a stable appreciating trend in the second half of last week, as the loonie is enjoying a stabilization in oil prices and a still positive domestic data story (good retail sales figures today being a case in point). This week, we won’t see much on the domestic data front, so global developments and oil will likely remain the only drivers of CAD. USD/CAD may test the key 1.3000 support over the next few days.
EUR: Wider implications for the EUR should come from the EU-UK trade negotiations. We are not inclined to think a deal will be agreed already next week but the news flow is set to intensify and would likely spill-over onto the EUR. Data-wise, Today’s PMI will be in focus. Grim PMIs could cause the EUR to start the week on the back foot, although the impact should be short-lived considering investors have largely factored in the EZ growth de-rating and improving vaccine prospects are keeping investors upbeat on a sustained recovery.
GBP: The waiting game for the UK-EU trade deal continues. With the progress being slow and the negotiations to extend into early December, this suggests limited catalysts for GBP gains this week. EUR/GBP should thus remain flat and GBP/USD is to continue to be primarily driven by EUR/USD. Given our neutral outlook on the latter, it also means a neutral outlook on the former and GBP/USD to stay range bound this week. For the very near-term, the lack of conclusions from the ongoing UK-EU negotiations suggest a lack of meaningful moves in GBP/USD at this point.
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.
Who can use the MTFX payment service?
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.
Why should I use MTFX and not my own bank?
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.
How do customers send funds to MTFX?
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.
How long does it take MTFX to transfer funds?
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.
Please read the following update before logging in to your MTFX online account
We have updated our online dealing system to provide you with better functionality, more unique tools and an overall enhanced client experience. MTFX Online 2.0 is now available for your dealing needs. You can begin using our enhanced online portal today.
Please note that the traditional portal will be available for use until MAY 30th 2021 at which point it will be decommissioned.