{"id":27218,"date":"2023-11-27T14:36:34","date_gmt":"2023-11-27T14:36:34","guid":{"rendered":"https:\/\/www.worldfirst.com\/th\/?page_id=27218"},"modified":"2023-12-05T11:41:11","modified_gmt":"2023-12-05T11:41:11","slug":"fx-update-september-2023","status":"publish","type":"page","link":"https:\/\/www.worldfirst.com\/th\/fx-update-september-2023\/","title":{"rendered":"fx update September 2023"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"27218\" class=\"elementor elementor-27218\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4231c68 elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"4231c68\" 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-3c1d4fb heading-title\" data-id=\"3c1d4fb\" 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-c44f097 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c44f097\" 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-35f7839\" data-id=\"35f7839\" 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-0fd5cbf brands-partners elementor-widget-tablet__width-initial elementor-widget elementor-widget-heading\" data-id=\"0fd5cbf\" 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-d67e31d partners-description elementor-widget-tablet__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"d67e31d\" 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-9723fc9 elementor-widget elementor-widget-image\" data-id=\"9723fc9\" 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\/14\/2023\/12\/asset_fx_update.png\" class=\"attachment-full size-full wp-image-27307\" alt=\"\" srcset=\"https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/14\/2023\/12\/asset_fx_update.png 1536w, https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/14\/2023\/12\/asset_fx_update-300x83.png 300w, https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/14\/2023\/12\/asset_fx_update-1024x283.png 1024w, https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/14\/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-f462974 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f462974\" 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-406e22e\" data-id=\"406e22e\" 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-b336ea0 elementor-widget elementor-widget-heading\" data-id=\"b336ea0\" 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<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b4b6708 elementor-widget elementor-widget-text-editor\" data-id=\"b4b6708\" 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>September saw GBP continue its sell off as it\u2019d done in August. Despite staying in the 1.25 to 1.26 region for the final few days of August, nothing could stop the rot as the pound lost nearly 5% of its value against the dollar throughout the month.<\/p><p>Stronger than expected employment data from the US saw the dollar gain momentum, with an anticipated interest rate hike in the UK becoming more likely. Together, this meant the pound had little chance of staying in the high 1.20\u2019s and it lost ground for 14 working days in total. Over the last few months, the Bank of England continued to raise interest rates to combat increased inflation and with the headline reading falling, the market raised more questions on how the bank would react. The last meeting on 21st August 2023 saw the announcement that the base rate would remain at 5.25% resulting in the pound falling on the open market.<\/p><p>The next meeting is at the start of November, giving the pound little in the way of direction until then but traders will continue to monitor data releases to guess the next move for interest rates. One of the key takeaways from the last meeting was that, if needed, the door is still ajar for another hike before the year is out.<\/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-3b7efb0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3b7efb0\" 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-ba9a471\" data-id=\"ba9a471\" 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-ba7db47 elementor-widget elementor-widget-heading\" data-id=\"ba7db47\" 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<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6a5deed elementor-widget elementor-widget-text-editor\" data-id=\"6a5deed\" 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>Another strong month for the dollar, with U.S. Dollar Index appreciating 2.5%+ in the month.<\/p><p>Despite not going up in September, the updated Fed Dot Plot brought two pieces of good news for the USD.<\/p><ol><li>It is likely that there will be another increase in November before the Fed finally puts an end to this year long hiking cycle.<\/li><li>Compared to the June Dot Plot, the average forecast for 2024 exchange rates is now significantly higher meaning it\u2019s possible that the Fed will only lower rates by 0.5% for the whole of 2024.<\/li><\/ol><p>The Fed\u2019s relative hawkish stance is backed by the strong jobs market and resilient economic growth, which clearly stands out compared to the British and European economies. Additionally, it seems the Green Back may be the last to finish this hiking cycle amongst all developed economies; this will likely continue to provide support for the USD in 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-bddec88 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"bddec88\" 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-dfe3a32\" data-id=\"dfe3a32\" 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-d9721f7 elementor-widget elementor-widget-heading\" data-id=\"d9721f7\" 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<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-834abd0 elementor-widget elementor-widget-text-editor\" data-id=\"834abd0\" 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>The Euro, trading at its lowest levels this year against the USD (below $1.05), faces headwinds. The ECB&#8217;s September rate hike surprised the financial markets and further weakened the Euro. The strong U.S. dollar, driven by a resilient U.S. economy and attractive U.S. Treasury yields, is a key factor in the Euro&#8217;s recent weakness. Rising oil prices, up nearly 30% in the last quarter due to production cutbacks, are also impacting the Euro area which is heavily reliant on oil imports.<\/p><p>The ECB&#8217;s tightening cycle, which has seen 450 basis points in rate hikes since July 2022, aims to combat high inflation. However, uncertainties persist in the monetary policy transmission because of the unique nature of the current cycle and past economic shocks. Also, geopolitical factors and Italy\u2019s fiscal situation pose additional risks for the Euro area.<\/p><p>A weaker Euro can benefit exporters but increases import costs and, when combined with rising oil prices, can lead to inflationary pressures. The ECB is monitoring these factors but its control is limited.<\/p><p>The market will be closely watching two data releases this month. On 18th October 2023, there will be Eurozone inflation data for September, providing valuable insights into inflationary pressures affecting the Euro. Additionally, on 26th October 2023, the market will be attentive to the European Central Bank&#8217;s monetary policy statement and President Lagarde&#8217;s press conference.<\/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-863121e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"863121e\" 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-6b997a3\" data-id=\"6b997a3\" 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-e30dc01 elementor-widget elementor-widget-heading\" data-id=\"e30dc01\" 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<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-689e51c elementor-widget elementor-widget-text-editor\" data-id=\"689e51c\" 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 September, the Australian Dollar (AUD) depreciated the most against the US and the New Zealand Dollar but it gained more than 2.5% against the British Pound. Negative risk sentiment, concerns about the Chinese economy and lower commodity prices drove the Australian Dollar to 10-month lows of 0.6330 against the Dollar.<\/p><p>The Reserve Bank of Australia (RBA) decided to maintain its official cash rate at 4.10% as widely expected. It\u2019s worth noting that the RBA has now kept rates unchanged in the past three monetary policy meetings and the RBA policymakers have kept doors open for further policy tightening, warning that inflation is still too high and will remain so for some time.<\/p><p>Additionally, local employment data came in above expectations with 64.9k jobs added to the economy &#8211; higher than expectations of 23k. Additionally, the Unemployment Rate landed at 3.7%, which was in line with expectations and July\u2019s reading.<\/p><p>The August Monthly inflation figure rebounded to 5.2% from July\u2019s 4.9% and an expected rise in inflation has spurred expectations of another interest rate hike to come by 25 bps either in the November or December meetings.<\/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-105b0ee elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"105b0ee\" 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-8265c93\" data-id=\"8265c93\" 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-78cfa9d elementor-widget elementor-widget-heading\" data-id=\"78cfa9d\" 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<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-04bfb1f elementor-widget elementor-widget-text-editor\" data-id=\"04bfb1f\" 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) was the best-performing currency among the G10 with the NZD-GBP pair being the biggest gainer as it rose 3.90% in September. However, NZD-USD was down 0.45%.<\/p><p>New Zealand\u2019s upbeat domestic data has increased market speculations that the Reserve Bank of New Zealand (RBNZ) will keep interest rates on hold in the October monetary policy meeting but anticipated that the central bank would hike in November by another 25 bps.<\/p><p>The New Zealand economy expanded by 0.9% during the second quarter, beating estimates of 0.5% extension. Meanwhile, New Zealand\u2019s ANZ Business Confidence for September improved to 1.5 from a -3.7 drop in the previous month.<\/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-0c4cc79 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0c4cc79\" 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-e35f205\" data-id=\"e35f205\" 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-fa2d3e2 elementor-widget elementor-widget-heading\" data-id=\"fa2d3e2\" 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<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9a54790 elementor-widget elementor-widget-text-editor\" data-id=\"9a54790\" 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=\"cnh\" class=\"x-row x-container max width e8639-e30 m6nz-6 m6nz-8 m6nz-b m6nz-c m6nz-g m6nz-n\"><div class=\"x-row-inner\"><div class=\"x-col e8639-e31 m6nz-x m6nz-y m6nz-10 m6nz-12 m6nz-13 m6nz-14\"><div class=\"x-text x-content e8639-e33 m6nz-1a m6nz-1b m6nz-1h m6nz-1i m6nz-1n m6nz-1o m6nz-1p\"><p>USD-CNH reached a new high of 7.3680 on 8th September 2023, which is the highest level achieved since the inception of the offshore RMB market. Certain analysts with a CNH bearish view have even suggested 7.40 as the next level to watch.<\/p><p>In response to the drastic CNH depreciation, the PBOC quickly intervened the following Monday with a strong statement and a number of policy tools.<\/p><p>USD-CNH reached a new high of 7.3680 on 8th September 2023, which is the highest level achieved since the inception of the offshore RMB market. Certain analysts with a CNH bearish view have even suggested 7.40 as the next level to watch.<\/p><p>In response to the drastic CNH depreciation, the PBOC quickly intervened the following Monday with a strong statement and a number of policy tools.<\/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-fb0cf03 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"fb0cf03\" 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-aa25b45\" data-id=\"aa25b45\" 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-4ceed03 elementor-widget elementor-widget-heading\" data-id=\"4ceed03\" 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<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0180c3c elementor-widget elementor-widget-text-editor\" data-id=\"0180c3c\" 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 Bank of Japan (BOJ) surprised the market with an unexpected bond buying operation signalling its determination to curb rising yields. This move comes as Japanese Government Bonds (JGBs) face their most significant quarterly sell off in over 20 years. Adding to the tension, a former BOJ official anticipates benchmark yields could climb even higher, possibly reaching 2%.<\/p><p>There is also growing speculation that the BOJ may need to allow interest rates to increase in order to narrow the yield gap with the United States. This yield differential has been a driver of yen depreciation and is causing negative economic consequences.<\/p><p>The JPY fell sharply against the USD following the unscheduled buying.<\/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-afc8a25 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"afc8a25\" 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-b3167d3\" data-id=\"b3167d3\" 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-6686bef elementor-widget elementor-widget-heading\" data-id=\"6686bef\" 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\">SGD<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5a9e0b1 elementor-widget elementor-widget-text-editor\" data-id=\"5a9e0b1\" 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 August, Singapore&#8217;s consumer price index (CPI) inflation showed a slight easing, mainly due to a small price increase in services and food even though higher fuel prices continued to support inflation. As expected, the CPI increased by 4% over the 12 months leading to August 2023 compared to a 4.1% increase in the previous month.<\/p><p>MAS anticipates that core inflation will continue to ease in the coming months, thanks to ongoing reductions in import prices and a less restricted labour market in the country. Although Singapore&#8217;s economy avoided a recession in the second quarter, the MAS has downgraded its economic growth outlook for 2023. Despite elevated inflation, the central bank is expected to keep its monetary policy unchanged in the upcoming review in October as economic growth in Singapore remains weak and the gradual easing of inflation provides some flexibility for policy stability.<\/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-0241ab5 elementor-widget elementor-widget-image\" data-id=\"0241ab5\" 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=\"2048\" height=\"1029\" src=\"https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/14\/2023\/12\/Sep-Winners-Losers-2048x1029-1.png\" class=\"attachment-full size-full wp-image-27417\" alt=\"\" srcset=\"https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/14\/2023\/12\/Sep-Winners-Losers-2048x1029-1.png 2048w, https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/14\/2023\/12\/Sep-Winners-Losers-2048x1029-1-300x151.png 300w, https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/14\/2023\/12\/Sep-Winners-Losers-2048x1029-1-1024x515.png 1024w, https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/14\/2023\/12\/Sep-Winners-Losers-2048x1029-1-768x386.png 768w, https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/14\/2023\/12\/Sep-Winners-Losers-2048x1029-1-1536x772.png 1536w\" sizes=\"(max-width: 2048px) 100vw, 2048px\" \/>\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-3b765b7 elementor-section-content-bottom elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3b765b7\" 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-f324168\" data-id=\"f324168\" 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-9ed840a elementor-widget elementor-widget-text-editor\" data-id=\"9ed840a\" 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 e6016-e57 m4n4-0 m4n4-1 m4n4-3\"><div class=\"x-row x-container max width e6016-e58 m4n4-6 m4n4-8 m4n4-b m4n4-c m4n4-d m4n4-i m4n4-v\"><div class=\"x-row-inner\"><div class=\"x-col e6016-e59 m4n4-10 m4n4-11 m4n4-13 m4n4-14 m4n4-15\"><div class=\"x-text x-content e6016-e60 m4n4-1e m4n4-1f m4n4-1g m4n4-1m m4n4-1r m4n4-1s m4n4-1w\"><div class=\"x-section e6033-e44 m4nl-0 m4nl-1 m4nl-3\"><div class=\"x-row x-container max width e6033-e45 m4nl-6 m4nl-9 m4nl-b m4nl-d m4nl-g m4nl-r\"><div class=\"x-row-inner\"><div class=\"x-col e6033-e46 m4nl-w m4nl-x m4nl-z m4nl-10 m4nl-11\"><div class=\"x-text x-content e6033-e47 m4nl-18 m4nl-19 m4nl-1e m4nl-1h m4nl-1i m4nl-1k\"><em>Disclaimer: This newsletter is to provide insight on the market and is not be to replied upon to be financial advice<\/em><\/div><\/div><\/div><\/div><\/div><div class=\"x-section e6033-e48 m4nl-0 m4nl-3 m4nl-4\"><div class=\"x-row x-container max width e6033-e49 m4nl-6 m4nl-8 m4nl-9 m4nl-a m4nl-b m4nl-g m4nl-s\"><div class=\"x-row-inner\"><div class=\"x-col e6033-e50 m4nl-x m4nl-z m4nl-11 m4nl-15\"><div class=\"x-text x-content e6033-e51 m4nl-18 m4nl-19 m4nl-1f m4nl-1i m4nl-1k m4nl-1l\">\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-fd44366 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"fd44366\" 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-d86e302\" data-id=\"d86e302\" 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-01b2fc4 elementor-widget elementor-widget-heading\" data-id=\"01b2fc4\" 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-c5b1a83 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c5b1a83\" 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-4ff0f31\" data-id=\"4ff0f31\" 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-7585db1 elementor-align-left elementor-widget__width-auto elementor-widget elementor-widget-button\" data-id=\"7585db1\" 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=\"\/th\/fx-update-august-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\">August 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-55bd64f elementor-align-left elementor-widget__width-auto elementor-widget elementor-widget-button\" data-id=\"55bd64f\" 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=\"\/th\/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-615d0aa elementor-align-left elementor-widget__width-auto elementor-widget elementor-widget-button\" data-id=\"615d0aa\" 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=\"\/th\/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-f27097f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f27097f\" 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-d533aea\" data-id=\"d533aea\" 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-d88649f elementor-widget elementor-widget-template\" data-id=\"d88649f\" 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=\"1307\" class=\"elementor elementor-1307\" data-elementor-post-type=\"elementor_library\">\n\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c57fe35 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c57fe35\" 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-5a783ef\" data-id=\"5a783ef\" 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-5a7beba elementor-widget elementor-widget-heading\" data-id=\"5a7beba\" 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-18c53e6 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=\"18c53e6\" 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 1,500,000 business have sent US$500B+ around the world with WorldFirst and its partner brands since 2004<br><span style=\"font-family: Roboto, sans-serif; white-space-collapse: collapse;\">Your money is safeguarded with leading financial institutions<\/span><\/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-a52e6fb elementor-widget elementor-widget-image\" data-id=\"a52e6fb\" 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=\"1536\" height=\"520\" src=\"https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/14\/2023\/10\/Graphic_03_A-million-reasons-to-trust-WorldFirst-1536x520.png\" class=\"attachment-1536x1536 size-1536x1536 wp-image-23251\" alt=\"\" srcset=\"https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/14\/2023\/10\/Graphic_03_A-million-reasons-to-trust-WorldFirst-1536x520.png 1536w, https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/14\/2023\/10\/Graphic_03_A-million-reasons-to-trust-WorldFirst-300x102.png 300w, https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/14\/2023\/10\/Graphic_03_A-million-reasons-to-trust-WorldFirst-1024x347.png 1024w, https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/14\/2023\/10\/Graphic_03_A-million-reasons-to-trust-WorldFirst-768x260.png 768w, https:\/\/mdn.marmot-cloud.com\/worldfirst\/sites\/14\/2023\/10\/Graphic_03_A-million-reasons-to-trust-WorldFirst.png 1920w\" 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<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1a6fa79 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1a6fa79\" 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-acffc97\" data-id=\"acffc97\" 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-52a87f4 elementor-widget elementor-widget-heading\" data-id=\"52a87f4\" 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\">What our customers say<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1326073 elementor-widget elementor-widget-html\" data-id=\"1326073\" 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\" style=\"position: relative;\"><iframe title=\"Customer reviews powered by Trustpilot\" loading=\"auto\" src=\"https:\/\/widget.trustpilot.com\/trustboxes\/53aa8912dec7e10d38f59f36\/index.html?templateId=53aa8912dec7e10d38f59f36&amp;businessunitId=5b2b7147c23ad60001a956ef#locale=en-AU&amp;styleHeight=140px&amp;styleWidth=100%25&amp;theme=light&amp;stars=3%2C4%2C5&amp;reviewLanguages=en&amp;fontFamily=Roboto&amp;textColor=%231a1a1a\" style=\"position: relative; height: 140px; width: 100%; border-style: none; display: block; overflow: hidden;\"><\/iframe><\/div>\r\n<!-- End TrustBox widget -->\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\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 September saw GBP continue its sell off as it\u2019d done in August. Despite staying in the 1.25 to 1.26 region for the final few days of August, nothing could stop the [&hellip;]<\/p>\n","protected":false},"author":1,"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>September 2023 FX market update | Foreign exchange news | WorldFirst TH<\/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\/th\/fx-update-september-2023\/\" \/>\n<meta property=\"og:locale\" content=\"th_TH\" \/>\n<meta property=\"og:type\" 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