{"id":18852,"date":"2023-10-20T10:46:40","date_gmt":"2023-10-20T10:46:40","guid":{"rendered":"https:\/\/www.worldfirst.com\/my\/?page_id=18852"},"modified":"2023-12-01T23:00:55","modified_gmt":"2023-12-01T23:00:55","slug":"fx-update-june-2023","status":"publish","type":"page","link":"https:\/\/www.worldfirst.com\/my\/fx-update-june-2023\/","title":{"rendered":"fx update June 2023"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"18852\" class=\"elementor elementor-18852\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-29c0413 elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"29c0413\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-feae7a1 heading-title\" data-id=\"feae7a1\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-31ecafc elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"31ecafc\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-312373f\" data-id=\"312373f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2a3c1a5 brands-partners elementor-widget-tablet__width-initial elementor-widget elementor-widget-heading\" data-id=\"2a3c1a5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.23.0 - 15-07-2024 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h1 class=\"elementor-heading-title elementor-size-default\">News, insights and analysis from the global FX markets<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ec0eabe partners-description elementor-widget-tablet__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"ec0eabe\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.23.0 - 15-07-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\tThis is your monthly FX market round-up with the latest news, insights and analysis.\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e707e84 elementor-widget elementor-widget-image\" data-id=\"e707e84\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.23.0 - 15-07-2024 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1536\" height=\"425\" src=\"https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/10\/2023\/12\/asset_fx_update.png\" class=\"attachment-full size-full wp-image-25267\" alt=\"\" srcset=\"https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/10\/2023\/12\/asset_fx_update.png 1536w, https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/10\/2023\/12\/asset_fx_update-300x83.png 300w, https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/10\/2023\/12\/asset_fx_update-1024x283.png 1024w, https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/10\/2023\/12\/asset_fx_update-768x213.png 768w\" sizes=\"(max-width: 1536px) 100vw, 1536px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3162952 elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3162952\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-a97581e\" data-id=\"a97581e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-19c5090 elementor-widget elementor-widget-heading\" data-id=\"19c5090\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">GBP: A good position, a good time to lock in rates<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-613c19a elementor-widget elementor-widget-text-editor\" data-id=\"613c19a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The British Pound (GBP) performed well as its rates skyrocketed in the first half of June. GBPUSD saw strong gains for three consecutive days, where buyers picked up 2.75% against the dollar \u2013 the highest since April 2022 \u2013 while GBPEUR rates weren\u2019t as aggressive sitting at 1.1750, they still gave best prices since August last year.<\/p><p>In June, despite the Bank of England previously indicating interest rate hikes would slow down, it announced another increase after a much higher than anticipated inflation reading. Interest rates are now at 5%.<\/p><p>Overall, GBP currency pairs are in great positions meaning it\u2019s a good time for businesses to take advantage of the positive rate movements and to lock them in for a fixed period.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-de8366b\" data-id=\"de8366b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b11c1ff elementor-widget elementor-widget-image\" data-id=\"b11c1ff\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"800\" height=\"448\" src=\"https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/10\/2023\/10\/June-FX-Update-GBP-Chart-1024x574.png\" class=\"attachment-large size-large wp-image-18861\" alt=\"\" srcset=\"https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/10\/2023\/10\/June-FX-Update-GBP-Chart-1024x574.png 1024w, https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/10\/2023\/10\/June-FX-Update-GBP-Chart-300x168.png 300w, https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/10\/2023\/10\/June-FX-Update-GBP-Chart-768x431.png 768w, https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/10\/2023\/10\/June-FX-Update-GBP-Chart-1536x861.png 1536w, https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/10\/2023\/10\/June-FX-Update-GBP-Chart-2048x1148.png 2048w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-16033df elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"16033df\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-f212326\" data-id=\"f212326\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1ebc0df elementor-widget elementor-widget-heading\" data-id=\"1ebc0df\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">EUR: Continued uncertainty keeps EUR volatile<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-703c9b3 elementor-widget elementor-widget-text-editor\" data-id=\"703c9b3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>For the Euro (EUR), we continue from last month\u2019s theme of inflation and monetary policy as more changes took place.<\/p><p>The European Central Bank (ECB) followed through on its hint of another interest rate hike at 25 basis points (0.25%), while Services and Manufacturing Purchasing Managers\u2019 Index (PMI) for France and Germany were below forecast.<\/p><p>As inflation across the Eurozone continues to vary &#8211; for example, Spain\u2019s inflation is under control while Germany\u2019s is still too high &#8211; the ECB\u2019s decisions are getting harder and the EUR remains volatile against other currencies.<\/p><p>In addition, Eastern Europe geopolitics saw an interesting development as the BRICS+ initiative is still going ahead. As a knock-on effect from the sanctions, the initiative will create an alternative to the USD. The impact on the trade and capital flows will be monitored as it progresses.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-4347b45\" data-id=\"4347b45\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-71c6748 elementor-widget elementor-widget-image\" data-id=\"71c6748\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"800\" height=\"448\" src=\"https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/10\/2023\/10\/June-FX-Update-EUR-Chart-1024x574.png\" class=\"attachment-large size-large wp-image-18906\" alt=\"\" srcset=\"https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/10\/2023\/10\/June-FX-Update-EUR-Chart-1024x574.png 1024w, https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/10\/2023\/10\/June-FX-Update-EUR-Chart-300x168.png 300w, https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/10\/2023\/10\/June-FX-Update-EUR-Chart-768x431.png 768w, https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/10\/2023\/10\/June-FX-Update-EUR-Chart-1536x861.png 1536w, https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/10\/2023\/10\/June-FX-Update-EUR-Chart-2048x1148.png 2048w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d8e28f8 elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d8e28f8\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-cf79788\" data-id=\"cf79788\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-dfacfd9 elementor-widget elementor-widget-heading\" data-id=\"dfacfd9\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">AUD: A high followed by a fall for rocky AUD<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c1dfada elementor-widget elementor-widget-text-editor\" data-id=\"c1dfada\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The Australian Dollar (AUD) saw a monthly high in the first half of June reaching 0.6890, however it was short-lived. As commodity prices dropped and weak global S&amp;P PMIs were announced, the AUD fell below 0.6600 by the end of the month.<\/p><p>Last month, we anticipated an interest rate hike of 25 basis points (0.25%) by the Reserve Bank of Australia (RBA) in June. Not only did this occur, but the local unemployment rate also fell to 3.6% with a surprise 75.9k jobs added in May boosting the AUD in the first two weeks of June. We now believe the RBA will pause in July as the latest inflation figure came to the lowest level in 13 months.<\/p><p>Also, the Australian Consumer Price Index (CPI) declined to 5.6% in May from 6.8% last month and below expectations of 6.1%. As a result, tightening expectations from the RBA have eased but markets can expect more rate hikes before the end of the year.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-ebf645e\" data-id=\"ebf645e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-38e5d62 elementor-widget elementor-widget-image\" data-id=\"38e5d62\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"448\" src=\"https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/10\/2023\/10\/June-FX-Update-AUD-Chart-1024x574.png\" class=\"attachment-large size-large wp-image-18905\" alt=\"\" srcset=\"https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/10\/2023\/10\/June-FX-Update-AUD-Chart-1024x574.png 1024w, https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/10\/2023\/10\/June-FX-Update-AUD-Chart-300x168.png 300w, https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/10\/2023\/10\/June-FX-Update-AUD-Chart-768x431.png 768w, https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/10\/2023\/10\/June-FX-Update-AUD-Chart-1536x861.png 1536w, https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/10\/2023\/10\/June-FX-Update-AUD-Chart-2048x1148.png 2048w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3ac5e2c elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3ac5e2c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-320709e\" data-id=\"320709e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3b3c386 elementor-widget elementor-widget-heading\" data-id=\"3b3c386\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">NZD: An end to rate hikes with inflation dropping<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6f172ec elementor-widget elementor-widget-text-editor\" data-id=\"6f172ec\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The New Zealand Dollar (NZD) performed well-below average among G10 currencies last month as the Reserve Bank of New Zealand (RBNZ) signalled an end to its aggressive interest rate hiking cycle since 1999.<\/p><p>The NZDUSD rose to a monthly high of 0.6254, however due to the RBNZ Federal Monetary Policy outlook, it fell below 0.6100 back to its position at the start of the month. Additionally, the worsening US-China relations and global recessions fears are having an impact on the NZD.<\/p><p>While interest rates are high, New Zealand inflation expectations dropped sharply to 2.79%.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-decc660 elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"decc660\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d549513\" data-id=\"d549513\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-86d44b1 elementor-widget elementor-widget-heading\" data-id=\"86d44b1\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">THB: A weak THB from political uncertainty and eased recession worries<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-95b4138 elementor-widget elementor-widget-text-editor\" data-id=\"95b4138\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The Thai Baht (THB) reached a seven-month low in June due to political uncertainty and the resulting investors\u2019 risk appetite dampening.<\/p><p>Specifically, the political concerns are around the leading candidate\u2019s ability to win enough votes to become prime minister in the upcoming parliamentary session.<\/p><p>The THBUSD has weakened 2.2% since the start of the year while many other emerging Asian currencies\u2019 values have also decreased against the stronger USD as recession worries have eased.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-bdc8e28 elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"bdc8e28\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-90ba79f\" data-id=\"90ba79f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4e5460c elementor-widget elementor-widget-heading\" data-id=\"4e5460c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">JPY: The widening monetary policy stance affects JPY<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b76078d elementor-widget elementor-widget-text-editor\" data-id=\"b76078d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The Japanese Yen (JPY) dropped below 145 against the USD, its lowest in nearly eight months. The change has brought attention to the difference in monetary policies between Japan and other major countries, with the Japanese government expressing readiness to take action and intervene. They did the same last year when the JPY approached 146.<\/p><p>The yen\u2019s decline is attributed to the widening gap between Japan&#8217;s accommodative monetary policy and the more hawkish stance of countries like the United States. The yen&#8217;s weakness is also influenced by global yield movements, while Japan continues to maintain negative interest rates.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-a6abe0b\" data-id=\"a6abe0b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0fef0e3 elementor-widget elementor-widget-image\" data-id=\"0fef0e3\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"448\" src=\"https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/10\/2023\/10\/June-FX-Update-JPY-Chart-1024x574.png\" class=\"attachment-large size-large wp-image-18910\" alt=\"\" srcset=\"https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/10\/2023\/10\/June-FX-Update-JPY-Chart-1024x574.png 1024w, https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/10\/2023\/10\/June-FX-Update-JPY-Chart-300x168.png 300w, https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/10\/2023\/10\/June-FX-Update-JPY-Chart-768x431.png 768w, https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/10\/2023\/10\/June-FX-Update-JPY-Chart-1536x862.png 1536w, https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/10\/2023\/10\/June-FX-Update-JPY-Chart-2048x1149.png 2048w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4b54ff3 elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4b54ff3\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-428ebbe\" data-id=\"428ebbe\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-da0e41a elementor-widget elementor-widget-heading\" data-id=\"da0e41a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">USD: A strong USD remains despite hiking streak stop<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-da19808 elementor-widget elementor-widget-text-editor\" data-id=\"da19808\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>As the Federal Reserve ended the year-long hiking streak, United States Dollar (USD) fell from the top performing currency last month. Currencies that are still increasing rates have outperformed the USD gaining on average 1.4% in the month of June.<\/p><p>However as we look over to the other side, out of all the currencies not in hiking cycle, USD remains the strongest performer fuelled by strong employment and economic growth data.<\/p><p>Despite not increasing rates in June, Federal Reserve members are still anticipating either one or two hikes to take place in S2 2023, which would provide solid support for the USD in the coming months. Analysts are expecting the next hike to be as soon as July.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c51abc1 elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c51abc1\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2778166\" data-id=\"2778166\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-92754ce elementor-widget elementor-widget-heading\" data-id=\"92754ce\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">CNH: A continued record-breaking fall for CNH<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4f8d87f elementor-widget elementor-widget-text-editor\" data-id=\"4f8d87f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The Chinese renminbi (CNH) saw another record, finishing the month losing more than 2.3% against the USD. After breaking consecutive key levels of 7.10 and 7.20, it is now treading close to 7.30 \u2013 a level last seen in November 2022 and viewed by many as a key defence level.<\/p><p>This is on the back of disappointing economic data and a shaky domestic stock market sending worrying signals to global investors.<\/p><p>Starting in the last week of June, the People\u2019s Bank of China (PBOC) stepped in to try to tame the speed of the CNH depreciation, however the effects have been limited. Unlike November last year where the CNH depreciation was at least partly due to market speculation, the recent round is more likely a true reflection of the diverging monetary policies and economic outlook between two of the biggest economies in the world.<\/p><p>Having said that, a cheaper CNH makes for easier merchandise shipping for Chinese exporters. Combined with record low loan rates, we hope to see the export sector recovering over the coming months.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-cf7e27c elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"cf7e27c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-e2e70c6\" data-id=\"e2e70c6\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d34fa5f elementor-widget elementor-widget-image\" data-id=\"d34fa5f\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"659\" height=\"390\" src=\"https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/10\/2023\/12\/asset_10_sg_cross_border_payments.png\" class=\"attachment-1536x1536 size-1536x1536 wp-image-25274\" alt=\"\" srcset=\"https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/10\/2023\/12\/asset_10_sg_cross_border_payments.png 659w, https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/10\/2023\/12\/asset_10_sg_cross_border_payments-300x178.png 300w\" sizes=\"(max-width: 659px) 100vw, 659px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-0454a06\" data-id=\"0454a06\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5db6f51 elementor-widget elementor-widget-heading\" data-id=\"5db6f51\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Expand your business<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d0694b1 elementor-widget elementor-widget-text-editor\" data-id=\"d0694b1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"x-text x-content e8964-e49 m6x0-1c m6x0-1e m6x0-1f m6x0-1j m6x0-1l m6x0-1m m6x0-1o\"><p>With a World Account, global payments are as easy to receive as local ones. Accounts are quick \u2013\u00a0and free \u2013 to set up, with no hidden fees.<\/p><p>You can manage risk with robust hedging solutions and make simple one-off or scheduled payments to individuals \u2013 or send funds to up to 200 partners in a single transaction.<\/p><p>We\u2019ve made it easy to connect to more than 100 global marketplaces and pay in multiple currencies like a local, so you can start expanding your international trading.<\/p><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2572cf5 elementor-align-left elementor-widget elementor-widget-button\" data-id=\"2572cf5\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/portal.worldfirst.com\/register?region=MY\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Open an account<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5b34bc8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5b34bc8\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f3cc8d2\" data-id=\"f3cc8d2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9b34f26 elementor-widget elementor-widget-heading\" data-id=\"9b34f26\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Previous fx updates<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-4800564 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4800564\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-cf74663\" data-id=\"cf74663\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f5a87ca elementor-align-left elementor-widget__width-auto elementor-widget elementor-widget-button\" data-id=\"f5a87ca\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"\/my\/fx-update-may-2023\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">May 2023<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-365d4ae elementor-section-content-bottom elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"365d4ae\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-227b7b4\" data-id=\"227b7b4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e0a7dfe elementor-widget elementor-widget-text-editor\" data-id=\"e0a7dfe\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"x-section e6040-e64 m4ns-0 m4ns-1 m4ns-3\"><div class=\"x-row x-container max width e6040-e65 m4ns-6 m4ns-8 m4ns-b m4ns-c m4ns-g m4ns-s\"><div class=\"x-row-inner\"><div class=\"x-col e6040-e66 m4ns-x m4ns-y m4ns-10 m4ns-11 m4ns-12\"><div class=\"x-text x-content e6040-e67 m4ns-1b m4ns-1c m4ns-1d m4ns-1j m4ns-1o m4ns-1p m4ns-1t\"><em>Disclaimer: All data presented is provided by Bloomberg and other publicly available sources, WorldFirst does not produce independent financial market research or currency forecasts, and has not verified the accuracy of the contents. The information presented does not constitute advice or financial recommendation, and WorldFirst shall not be responsible for any losses or damages arising from your reliance of such information.<\/em><\/div><\/div><\/div><\/div><\/div><div class=\"x-section e6040-e68 m4ns-0 m4ns-1 m4ns-2\"><div class=\"x-row x-container max width e6040-e69 m4ns-6 m4ns-7 m4ns-8 m4ns-a m4ns-b m4ns-e m4ns-g m4ns-t\"><div class=\"x-row-inner\"><div class=\"x-col e6040-e70 m4ns-x m4ns-y m4ns-z m4ns-10 m4ns-12 m4ns-13\"><div class=\"cs-content x-global-block x-global-block-5941 e6040-e71\"><div class=\"x-section e5941-e1 m4l1-0\"><div class=\"x-row x-container max width e5941-e2 m4l1-1 m4l1-2 m4l1-3 m4l1-6 wf-trust-com\"><div class=\"x-row-inner\"><div class=\"x-col e5941-e3 m4l1-a m4l1-b\"><div class=\"x-text x-content e5941-e4 m4l1-f m4l1-g m4l1-h\">\u00a0<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3fd3018 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3fd3018\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-76ef568\" data-id=\"76ef568\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0e2d68a elementor-widget elementor-widget-template\" data-id=\"0e2d68a\" data-element_type=\"widget\" data-widget_type=\"template.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-template\">\n\t\t\t\t\t<div data-elementor-type=\"section\" data-elementor-id=\"24375\" class=\"elementor elementor-24375\" data-elementor-post-type=\"elementor_library\">\n\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6fda2385 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6fda2385\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2155e501\" data-id=\"2155e501\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-70f742a3 elementor-widget elementor-widget-heading\" data-id=\"70f742a3\" data-element_type=\"widget\" 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elementor-widget-html\" data-id=\"b4dc899\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<!-- TrustBox script -->\r\n<script type=\"text\/javascript\" src=\"\/\/widget.trustpilot.com\/bootstrap\/v5\/tp.widget.bootstrap.min.js\" async><\/script>\r\n<!-- End TrustBox script -->\r\n\r\n<!-- TrustBox widget - Carousel -->\r\n<div class=\"trustpilot-widget\" data-locale=\"en-AU\" data-template-id=\"53aa8912dec7e10d38f59f36\" data-businessunit-id=\"5b2b7147c23ad60001a956ef\" data-style-height=\"140px\" data-style-width=\"100%\" data-theme=\"light\" data-stars=\"3,4,5\" data-review-languages=\"en\" data-font-family=\"Roboto\" data-text-color=\"#1a1a1a\">\r\n  <a href=\"https:\/\/au.trustpilot.com\/review\/www.worldfirst.com\/au\" target=\"_blank\" rel=\"noopener\">Trustpilot<\/a>\r\n<\/div>\r\n<!-- End TrustBox widget 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GBP: A good position, a good time to lock in rates The British Pound (GBP) performed well as its rates skyrocketed in the first half of June. GBPUSD saw strong gains for [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.2 (Yoast SEO v24.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>June 2023 FX market update | Foreign exchange news | WorldFirst<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.worldfirst.com\/my\/fx-update-june-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_MY\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"fx update June 2023\" \/>\n<meta property=\"og:description\" content=\"News, insights and analysis from the global FX markets This is your monthly FX market round-up with the latest news, insights and analysis. 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