{"id":18611,"date":"2023-10-20T07:45:26","date_gmt":"2023-10-20T07:45:26","guid":{"rendered":"https:\/\/www.worldfirst.com\/sg\/?page_id=18611"},"modified":"2023-11-23T15:35:31","modified_gmt":"2023-11-23T15:35:31","slug":"fx-update-july-2023","status":"publish","type":"page","link":"https:\/\/www.worldfirst.com\/sg\/fx-update-july-2023\/","title":{"rendered":"fx update July 2023"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"18611\" class=\"elementor elementor-18611\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-031a503 elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"031a503\" 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-2a560a8 heading-title\" data-id=\"2a560a8\" 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-048c385 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"048c385\" 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-03f6645\" data-id=\"03f6645\" 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-ce8f0b9 brands-partners elementor-widget-tablet__width-initial elementor-widget elementor-widget-heading\" data-id=\"ce8f0b9\" 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-e5f9ec5 partners-description elementor-widget-tablet__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"e5f9ec5\" 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-4fadeec elementor-widget elementor-widget-image\" data-id=\"4fadeec\" 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:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/9\/2023\/11\/asset_fx_update.png\" class=\"attachment-full size-full wp-image-27080\" alt=\"\" srcset=\"https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/9\/2023\/11\/asset_fx_update.png 1536w, https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/9\/2023\/11\/asset_fx_update-300x83.png 300w, https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/9\/2023\/11\/asset_fx_update-1024x283.png 1024w, https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/9\/2023\/11\/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-da2ff7c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"da2ff7c\" 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-9c3b1e6\" data-id=\"9c3b1e6\" 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-8dcdb19 elementor-widget elementor-widget-heading\" data-id=\"8dcdb19\" 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: Sterling's surge and a looming BoE decision<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f9ab25d elementor-widget elementor-widget-text-editor\" data-id=\"f9ab25d\" 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>In July, the pound soared, surpassing 1.31 against the dollar and nearly breaching the 1.3150 mark. Over six consecutive days, sterling surged by 3.7%, reaching levels not observed since April 22. This surge was propelled by a significant 0.5% interest rate hike from the Bank of England (BoE), attracting bullish investors eager to capitalise on the UK&#8217;s highest interest rates since the 2008 financial crisis.<\/p><p>However, in August there\u2019s expectation of another rate hike, the pound faced a sell-off towards July&#8217;s end. Concerns about the potential impact on everyday individuals and persistent high inflation readings made it favorable for those offloading foreign currency. As we move into the latter half of the year, markets are keenly awaiting the Bank&#8217;s next press conference for further guidance.<\/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-9b8d4fb elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9b8d4fb\" 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-afb38f1\" data-id=\"afb38f1\" 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-c978fc1 elementor-widget elementor-widget-heading\" data-id=\"c978fc1\" 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: Shaky grounds for the strong Euro<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-09abbb1 elementor-widget elementor-widget-text-editor\" data-id=\"09abbb1\" 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 Euro was one of the best-performing currencies in July due to higher bond yields in the first half of the month. Recession risks continue to intensify as the latest S&amp;P Manufacturing &amp; Services PMI data showed new lows in June. The decline was broad-based with Europe\u2019s two biggest economies &#8211; Germany and France.\u00a0<\/p><p>Despite the economic weakness, the European Central Bank (ECB) raised interest rates by 25 basis points for the ninth consecutive time in July. ECB President Christine Lagarde ditched her usual practice of guiding markets creating uncertainty which sent the Euro tumbling with a dovish flourish near the end.<\/p><p>In July, inflation fell from 5.5% YoY in June to 5.3% in July however the core rate remained at 5.5%. Inflation in Germany, France &amp; Spain also fell significantly from previous readings. It is worth recalling that the ECB had forecasted that inflation would stay above its 2% target through the end of 2025.<\/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-d8f8d23 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d8f8d23\" 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-1414cc0\" data-id=\"1414cc0\" 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-fbfdec6 elementor-widget elementor-widget-heading\" data-id=\"fbfdec6\" 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: Fluctuations amongst China\u2019s economic concerns<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-695e890 elementor-widget elementor-widget-text-editor\" data-id=\"695e890\" 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 id=\"eur\" class=\"x-row x-container max width e8639-e18 m6nz-6 m6nz-8 m6nz-b m6nz-c m6nz-g m6nz-k\"><div class=\"x-row-inner\"><div class=\"x-col e8639-e19 m6nz-x m6nz-y m6nz-10 m6nz-12 m6nz-13 m6nz-14\"><div class=\"x-text x-content e8639-e21 m6nz-1a m6nz-1b m6nz-1h m6nz-1i m6nz-1n m6nz-1o m6nz-1p\"><p>In July, the AUD experienced significant fluctuations, rising from 0.6650 to 0.6893 against the USD by mid-month. However, it faced a decline to 0.6760 due to concerns about China&#8217;s economic slowdown (Australia&#8217;s largest trade partner) and global equity markets. In response, the Reserve Bank of Australia (RBA) maintained its cash rate at 4.10%.<\/p><p>Additionally, the Australian economy reported an addition of 32,600 jobs in June, surpassing the projected 15,000, with the unemployment rate dropping to 3.5%. The inflation rate for Q2 2023 dropped to 0.8%, giving a year-on-year rate of 6.0%. The downbeat inflation figures might prompt the RBA to delay further policy-tightening measures for the second time, but rate hikes are still anticipated later this year.<\/p><\/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-b3517f3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b3517f3\" 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-43cdf56\" data-id=\"43cdf56\" 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-7c261f1 elementor-widget elementor-widget-heading\" data-id=\"7c261f1\" 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: Initial highs countered by market shifts<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e3ba31b elementor-widget elementor-widget-text-editor\" data-id=\"e3ba31b\" 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 NZD&#8217;s performance in July mirrored the AUD as it reached a 5-month high against the USD at 0.6411 but later receded to 0.6211 amid market volatility. The Reserve Bank of New Zealand (RBNZ) decided to keep its cash rate unchanged at 5.50%.\u00a0<\/p><p>The inflation rate for Q2 2023 was recorded at 1.1%, compared to predictions of 6.7% and 1.2%. The downside potential for the NZD appears limited, as the RBNZ is projected to adopt a more hawkish stance in the upcoming 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-9fd0305 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9fd0305\" 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-aeb304c\" data-id=\"aeb304c\" 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-c5ab07e elementor-widget elementor-widget-heading\" data-id=\"c5ab07e\" 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: BoJ's shift on yield targets stirs market reactions<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0bdb50c elementor-widget elementor-widget-text-editor\" data-id=\"0bdb50c\" 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>In July, the Bank of Japan (BoJ) adjusted its Yield Curve Control (YCC) policy for greater flexibility and long-term sustainability. The 10-year Japanese Government Bond (JGB) yield target remains around 0%, but it&#8217;s no longer strictly limited to 0.5%. Instead, 0.5% is now a reference, allowing yields to move more freely.<\/p><p>Every business day, the BoJ will buy 10-year bonds at a 1% rate, setting a new effective upper boundary. Governor Kazuo Ueda emphasized that this isn&#8217;t a move towards policy normalization. It remains unclear if the BoJ will cut bond purchases in the future. This change spurred a strong market response: bond yields hit their highest since 2014, exceeding the BOJ&#8217;s 0.5% reference. This also led to Yen value fluctuations, with investors unsure if it indicates broader shifts in Japan&#8217;s monetary approach.<\/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-4aa94e1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4aa94e1\" 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-889b3b1\" data-id=\"889b3b1\" 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-6ebcb75 elementor-widget elementor-widget-heading\" data-id=\"6ebcb75\" 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: Rate increase meets cooling inflation head-on<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8068bcc elementor-widget elementor-widget-text-editor\" data-id=\"8068bcc\" 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>In July, the Federal Reserve raised interest rates, following indications of one to two rate hikes for the second half of 2023. The USD wasn&#8217;t the month&#8217;s top performer due to rapid decreases in US inflation and uncertainties about the Federal Reserve&#8217;s plans for the rest of 2023.<\/p><p>Although there was no rate hike in June, the Fed had hinted at one to two more hikes for the latter half of 2023. The market anticipated this, and the rate increase happened in July. So why wasn&#8217;t the USD the standout currency for the month? We believe there are two main reasons:<\/p><ol><li>US inflation is dropping fast. The Fed thinks that even with the current interest rates, inflation will keep decreasing.<\/li><li>The Fed&#8217;s recent announcements, along with the July rate decision, didn&#8217;t provide a clear picture for the upcoming five months. The market had hoped for hints of another rate hike in the third or fourth quarter, but that now seems uncertain.<\/li><\/ol>\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-99d431a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"99d431a\" 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-5f4f9e1\" data-id=\"5f4f9e1\" 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-d0c2e82 elementor-widget elementor-widget-heading\" data-id=\"d0c2e82\" 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: Yuan strengthens with PBOC's recovery actions<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-72d883f elementor-widget elementor-widget-text-editor\" data-id=\"72d883f\" 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 CNH had a standout month, appreciating over 1.5% against the USD. This positive momentum was driven by a series of announcements to boost investor confidence in Chinese assets from the Chinese PolitBureau and the PBoC. In a public statement, the PBoC declared:<em>\u00a0\u201cThe stability of the Chinese Yuan is key to China\u2019s economic recovery\u201d\u00a0<\/em>and\u00a0<em>\u201cThe PBoC still has plenty of gadgets in its policy toolbox to stabilize any unwanted exchange rate fluctuations.\u201d<\/em>\u00a0In line with these announcements, the PBoC took decisive action, easing the limits on foreign funding for Chinese companies. This move resulted in an immediate uplift for the Yuan, facilitating a greater influx of USD into China. The market interprets these combined statements and actions as unwavering support for the Yuan. Presently, the Yuan is stable in the 7.1 to 7.2 range against the USD, a bracket some analysts view as the PBoC&#8217;s comfort zone.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0fd5f15 elementor-widget elementor-widget-image\" data-id=\"0fd5f15\" 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=\"2513\" height=\"1121\" src=\"https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/9\/2023\/10\/Winner-loser.png\" class=\"attachment-full size-full wp-image-18617\" alt=\"\" srcset=\"https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/9\/2023\/10\/Winner-loser.png 2513w, https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/9\/2023\/10\/Winner-loser-300x134.png 300w, https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/9\/2023\/10\/Winner-loser-1024x457.png 1024w, https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/9\/2023\/10\/Winner-loser-768x343.png 768w, https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/9\/2023\/10\/Winner-loser-1536x685.png 1536w, https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/9\/2023\/10\/Winner-loser-2048x914.png 2048w\" sizes=\"(max-width: 2513px) 100vw, 2513px\" \/>\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-74ea4b9 elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"74ea4b9\" 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-a0d1891\" data-id=\"a0d1891\" 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-a29c82e elementor-widget elementor-widget-image\" data-id=\"a29c82e\" 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=\"659\" height=\"390\" src=\"https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/9\/2023\/11\/asset_10_sg_cross_border_payments.png\" class=\"attachment-1536x1536 size-1536x1536 wp-image-27098\" alt=\"\" srcset=\"https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/9\/2023\/11\/asset_10_sg_cross_border_payments.png 659w, https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/9\/2023\/11\/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-9311c52\" data-id=\"9311c52\" 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-851a896 elementor-widget elementor-widget-heading\" data-id=\"851a896\" 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-16b4540 elementor-widget elementor-widget-text-editor\" data-id=\"16b4540\" 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>With a World Account, global payments are as easy to receive as local ones. Accounts are quick \u2013 and 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>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4d6535b elementor-align-left elementor-widget elementor-widget-button\" data-id=\"4d6535b\" 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=SG\">\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-ea5224a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ea5224a\" 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-c18ea7b\" data-id=\"c18ea7b\" 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-02e8725 elementor-widget elementor-widget-heading\" data-id=\"02e8725\" 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-ef754c5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ef754c5\" 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-f972c22\" data-id=\"f972c22\" 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-2a193d4 elementor-align-left elementor-widget__width-auto elementor-widget elementor-widget-button\" data-id=\"2a193d4\" 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=\"\/sg\/fx-update-june-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\">June 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<div class=\"elementor-element elementor-element-de392d0 elementor-align-left elementor-widget__width-auto elementor-widget elementor-widget-button\" data-id=\"de392d0\" 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=\"\/sg\/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-fdc4caa elementor-section-content-bottom elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"fdc4caa\" 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-368b617\" data-id=\"368b617\" 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-50e2a13 elementor-widget elementor-widget-text-editor\" data-id=\"50e2a13\" 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 e8964-e58 m6x0-0 m6x0-1 m6x0-3\"><div class=\"x-row x-container max width e8964-e59 m6x0-6 m6x0-8 m6x0-b m6x0-c m6x0-d m6x0-i m6x0-v\"><div class=\"x-row-inner\"><div class=\"x-col e8964-e60 m6x0-10 m6x0-11 m6x0-13 m6x0-14 m6x0-15\"><div class=\"x-text x-content e8964-e61 m6x0-1e m6x0-1f m6x0-1g m6x0-1m m6x0-1r m6x0-1s m6x0-1w\"><div class=\"x-section e8800-e53 m6sg-0 m6sg-1 m6sg-3\"><div class=\"x-row x-container max width e8800-e54 m6sg-6 m6sg-8 m6sg-b m6sg-c m6sg-d m6sg-i m6sg-u\"><div class=\"x-row-inner\"><div class=\"x-col e8800-e55 m6sg-z m6sg-10 m6sg-12 m6sg-13 m6sg-14\"><div class=\"x-text x-content e8800-e56 m6sg-1d m6sg-1e m6sg-1f m6sg-1l m6sg-1q m6sg-1r m6sg-1v\"><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 e8800-e57 m6sg-0 m6sg-1 m6sg-2\"><div class=\"x-row x-container max width e8800-e58 m6sg-6 m6sg-7 m6sg-8 m6sg-a m6sg-b m6sg-d m6sg-g m6sg-i m6sg-v\"><div class=\"x-row-inner\"><div class=\"x-col e8800-e59 m6sg-z m6sg-10 m6sg-11 m6sg-12 m6sg-14 m6sg-15\"><div class=\"cs-content x-global-block x-global-block-6815 e8800-e60\"><div class=\"x-section e6815-e1 m59b-0\"><div class=\"x-row x-container max width e6815-e2 m59b-1 m59b-2 m59b-4 wf-trust-com\"><div class=\"x-row-inner\"><div class=\"x-col e6815-e3 m59b-6 m59b-7\"><div class=\"x-text x-content e6815-e4 m59b-9 m59b-a\">\u00a0<\/div><\/div><\/div><\/div><\/div><\/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-4bb5930 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4bb5930\" 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-c0412a2\" data-id=\"c0412a2\" 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-4c46118 elementor-widget elementor-widget-template\" data-id=\"4c46118\" 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<section data-elementor-type=\"section\" data-elementor-id=\"26351\" class=\"elementor elementor-26351\" data-elementor-post-type=\"elementor_library\">\n\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3c6b9fe elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3c6b9fe\" 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-71152a1d\" data-id=\"71152a1d\" 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-7a0d1c52 elementor-widget elementor-widget-heading\" data-id=\"7a0d1c52\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Businesses Trust WorldFirst<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-28b51689 elementor-widget__width-initial elementor-widget-mobile__width-initial elementor-align-center wf-body01-font elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"28b51689\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<link rel=\"stylesheet\" href=\"https:\/\/www.worldfirst.com\/app3\/plugins\/elementor\/assets\/css\/widget-icon-list.min.css\">\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Almost 1,000,000 businesses have sent $300B around the world with WorldFirst and its partner brands since 2004<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Your money is safeguarded with leading financial institutions<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-43317879 elementor-widget elementor-widget-image\" data-id=\"43317879\" 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=\"1920\" height=\"650\" src=\"https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/9\/2023\/10\/Graphic_03_A-million-reasons-to-trust-WorldFirst.png\" class=\"attachment-full size-full wp-image-23251\" alt=\"\" srcset=\"https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/9\/2023\/10\/Graphic_03_A-million-reasons-to-trust-WorldFirst.png 1920w, https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/9\/2023\/10\/Graphic_03_A-million-reasons-to-trust-WorldFirst-300x102.png 300w, https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/9\/2023\/10\/Graphic_03_A-million-reasons-to-trust-WorldFirst-1024x347.png 1024w, https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/9\/2023\/10\/Graphic_03_A-million-reasons-to-trust-WorldFirst-768x260.png 768w, https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/9\/2023\/10\/Graphic_03_A-million-reasons-to-trust-WorldFirst-1536x520.png 1536w\" sizes=\"(max-width: 1920px) 100vw, 1920px\" \/>\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>\n\t\t\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<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>News, insights and analysis from the global FX markets This is your monthly FX market round-up with the latest news, insights and analysis. GBP: Sterling&#8217;s surge and a looming BoE decision In July, the pound soared, surpassing 1.31 against the dollar and nearly breaching the 1.3150 mark. Over six consecutive days, sterling surged by 3.7%, [&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>July 2023 FX market update | Foreign exchange news | WorldFirst SG<\/title>\n<meta name=\"description\" content=\"Our monthly FX market update keeps you updated on the latest market movements for the major currencies.\" \/>\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\/sg\/fx-update-july-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" 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