{"id":18926,"date":"2023-10-20T11:49:33","date_gmt":"2023-10-20T11:49:33","guid":{"rendered":"https:\/\/www.worldfirst.com\/sg\/?page_id=18926"},"modified":"2023-11-23T16:04:09","modified_gmt":"2023-11-23T16:04:09","slug":"fx-update-may-2023","status":"publish","type":"page","link":"https:\/\/www.worldfirst.com\/sg\/fx-update-may-2023\/","title":{"rendered":"fx update May 2023"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"18926\" class=\"elementor elementor-18926\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-863986d elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"863986d\" 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-44394c0 heading-title\" data-id=\"44394c0\" 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-6a859b5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6a859b5\" 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-5959a2e\" data-id=\"5959a2e\" 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-db6917d brands-partners elementor-widget-tablet__width-initial elementor-widget elementor-widget-heading\" data-id=\"db6917d\" 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-4698478 partners-description elementor-widget-tablet__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"4698478\" 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-98fbbe0 elementor-widget elementor-widget-image\" data-id=\"98fbbe0\" 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-571fa37 elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"571fa37\" 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-3f4ab23\" data-id=\"3f4ab23\" 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-5934c26 elementor-widget elementor-widget-heading\" data-id=\"5934c26\" 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: US dollar tops the global currency charts in May<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ddd5f77 elementor-widget elementor-widget-text-editor\" data-id=\"ddd5f77\" 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>May saw the US dollar (USD) become the top-performing currency across the board. The US Dollar Index (DXY) \u2013 a measure of the value of the USD against a basket of currencies \u2013 recovered to 104.5, with the USD rising over 2.8%.<\/p><p>This is driven by two main factors: the ongoing US debt-ceiling negotiations, which are hurting overall risk sentiment, and an increased chance of another interest rate hike in June.<\/p><p>While the market\u2019s current expectation is leaning towards \u201cno-hike\u201d for June, the actual decision can still go either way given the difference of views at May\u2019s Federal Open Market Committee (FOMC) meeting.<\/p><p>If the employment market remains resilient and inflation doesn\u2019t cool down, the US Federal Reserve will have sufficient support for another interest rate hike in June.<\/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-902fce2\" data-id=\"902fce2\" 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-2d0a0ac elementor-widget elementor-widget-image\" data-id=\"2d0a0ac\" 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:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/9\/2023\/10\/fx-charts-04-2-1-1024x574.png\" class=\"attachment-large size-large wp-image-18949\" alt=\"\" srcset=\"https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/9\/2023\/10\/fx-charts-04-2-1-1024x574.png 1024w, https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/9\/2023\/10\/fx-charts-04-2-1-300x168.png 300w, https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/9\/2023\/10\/fx-charts-04-2-1-768x431.png 768w, https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/9\/2023\/10\/fx-charts-04-2-1-1536x862.png 1536w, https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/9\/2023\/10\/fx-charts-04-2-1-2048x1149.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-f6a5b5e elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f6a5b5e\" 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-29e1dd4\" data-id=\"29e1dd4\" 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-b0a504d elementor-widget elementor-widget-heading\" data-id=\"b0a504d\" 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: Economic uncertainty across Eurozone weighs on Euro outlook<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c7e008b elementor-widget elementor-widget-text-editor\" data-id=\"c7e008b\" 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 the last update, we anticipated an interest rate hike of 25 basis points (0.25%) by the European Central Bank (ECB) in May. Not only did this occur, but the ECB hinted that another interest rate rise is likely to follow in June.<\/p><p>In fact, Klaas Knot, President of De Nederlandsche Bank and a member of the ECB\u2019s Risk Board, said that he wants the ECB to continue increasing interest rates into the summer.<\/p><p>Despite the likelihood of further rate hikes, the outlook for the EUR might not be as bright. The ECB will find it increasingly difficult to strike a balance in its monetary policy due to different inflation rates throughout the Eurozone.<\/p><p>Furthermore, with Germany, the economic engine of the Eurozone, officially in recession, any further rate likes will likely hurt some Eurozone economies \u2013 and the EUR \u2013 even further.<\/p><p>Looking ahead, businesses buying or selling to countries outside of the Eurozone should monitor any foreign exchange fluctuations. In some cases, it may be beneficial to lock in your currency rates to gain a degree of certainty.<\/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-1c994d4 elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1c994d4\" 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-4a0203d\" data-id=\"4a0203d\" 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-0be636b elementor-widget elementor-widget-heading\" data-id=\"0be636b\" 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 performs well but inflation remains high<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bbd459f elementor-widget elementor-widget-text-editor\" data-id=\"bbd459f\" 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 in May against other currencies. It rose to a six-month high against the Euro (EUR) to 1.16, while GBPUSD reached a yearly high before dropping to around 1.24. GBPNOK, GBPSEK and GBPZAR also reach near-all-time highs.<\/p><p>The most recent Bank of England (BoE) meeting saw interest rates increase by 0.25% to 4.5% \u2013 the highest level since October 2008. Inflation remains significantly higher than the BoE\u2019s 2% target. With food prices in particular remaining stubbornly high, inflation will continue to be high on the agenda for consumers, businesses and policymakers.<\/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-d1ee900 elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d1ee900\" 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-32d9004\" data-id=\"32d9004\" 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-3232c5a elementor-widget elementor-widget-heading\" data-id=\"3232c5a\" 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\">CNY: Mixed economic data accelerates Chinese renminbi\u2019s depreciation<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-453fce8 elementor-widget elementor-widget-text-editor\" data-id=\"453fce8\" 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 (CNY) broke through a key level of 7.0 and depreciated by more than 2.8% against the US dollar (USD), making it one of the worst performers in May.<\/p><p>The USD\u2019s broad appreciation, fuelled by expectations of another interest rate hike in June, is only half the story. Worse-than-expected data released in May showed that the Chinese post-Covid economic recovery hasn\u2019t been as strong as anticipated.<\/p><p>Not only did inflation metrics miss analyst forecasts, but core statistics signalling the strength of domestic consumption \u2013 such as retail sales and imports \u2013 also fell short of market expectations.<\/p><p>Due to the reasons above, the market has been anticipating a loosening of monetary policy by the central bank to stimulate and support the economy. Against expectations, however, the People&#8217;s Bank of China (PBOC) decided to keep the rate unchanged in May contributing to the renminbi\u2019s depreciation.<\/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-bf82c99\" data-id=\"bf82c99\" 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-327ecb9 elementor-widget elementor-widget-image\" data-id=\"327ecb9\" 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:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/9\/2023\/10\/FX-CNH-May23-1024x574.png\" class=\"attachment-large size-large wp-image-18950\" alt=\"\" srcset=\"https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/9\/2023\/10\/FX-CNH-May23-1024x574.png 1024w, https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/9\/2023\/10\/FX-CNH-May23-300x168.png 300w, https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/9\/2023\/10\/FX-CNH-May23-768x431.png 768w, https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/9\/2023\/10\/FX-CNH-May23-1536x862.png 1536w, https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/9\/2023\/10\/FX-CNH-May23-2048x1149.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-4ae63a3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4ae63a3\" 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-7cd704a\" data-id=\"7cd704a\" 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-515350c elementor-widget elementor-widget-heading\" data-id=\"515350c\" 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\">MYR: Oil price falls push Malaysian ringgit to new lows<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-30285af elementor-widget elementor-widget-text-editor\" data-id=\"30285af\" 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>A weaker economic outlook for China and a significant 40% drop in oil prices since its peak in 2022 have led to the Malaysian ringgit (MYR) slipping to fresh new lows against the US dollar.<\/p><p>This has affected Malaysia&#8217;s trade balance, as export growth in April experienced the sharpest decline in three years. Economists believe the MYR may continue to lose value and hit USD\/MYR 5 in the medium term. This is great news for businesses importing from Malaysia.<\/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-740c7cf\" data-id=\"740c7cf\" 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-b0f4d3c elementor-widget elementor-widget-heading\" data-id=\"b0f4d3c\" 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 outlines flexible monetary policy outlook<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-58fd32e elementor-widget elementor-widget-text-editor\" data-id=\"58fd32e\" 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) continues to weaken against the US dollar. It surpassed the 140 mark for the first time since November 2022, taking the total depreciation for the year to 6.2%. This reflects the contrasting views on monetary policy between Japan and the US.<\/p><p>Kazuo Ueda, Governor of the Bank of Japan (BoJ), expressed the importance of maintaining policy flexibility by minimising the significance of wages or any specific economic data. He also kept open the possibility of policy adjustments, even if inflation remains below 2%.<\/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-48c8b5d elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"48c8b5d\" 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-9b1a740\" data-id=\"9b1a740\" 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-588c391 elementor-widget elementor-widget-heading\" data-id=\"588c391\" 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: Unexpected RBA rate rise takes market by surprise<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2e937dd elementor-widget elementor-widget-text-editor\" data-id=\"2e937dd\" 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 AUDUSD rose above 0.6800 in the first ten days of May. This was largely driven by the Reserve Bank of Australia\u2019s (RBA) decision to raise interest rates by 25 basis points (0.25%) to 3.85%.\u00a0<\/p><p>The decision came as a surprise, especially as a significant majority of economists expected the status quo to remain.<\/p><p>However, the gains were short-lived as risk aversion took over the second half of May. The Australian dollar (AUD) later dropped back to 0.6498, a level last seen in November 2022, due to disappointing domestic data relating to unemployment, wages and retail sales.<\/p><p>The AUD also took a hit as economic data from China, Australia\u2019s biggest trade partner, missed expectations, suggesting that growth is slowing down.<\/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-509d224\" data-id=\"509d224\" 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-d518695 elementor-widget elementor-widget-image\" data-id=\"d518695\" 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:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/9\/2023\/10\/FX-AUD-CNH-May23-1024x574.png\" class=\"attachment-large size-large wp-image-18955\" alt=\"\" srcset=\"https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/9\/2023\/10\/FX-AUD-CNH-May23-1024x574.png 1024w, https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/9\/2023\/10\/FX-AUD-CNH-May23-300x168.png 300w, https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/9\/2023\/10\/FX-AUD-CNH-May23-768x431.png 768w, https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/9\/2023\/10\/FX-AUD-CNH-May23-1536x862.png 1536w, https:\/\/cdn.marmot-cloud.com\/worldfirst\/sites\/9\/2023\/10\/FX-AUD-CNH-May23-2048x1149.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-2faead5 elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2faead5\" 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-9641e9d\" data-id=\"9641e9d\" 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-7bc64d8 elementor-widget elementor-widget-heading\" data-id=\"7bc64d8\" 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: New Zealand dollar tumbles as end to rate rises expected<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b2eafcb elementor-widget elementor-widget-text-editor\" data-id=\"b2eafcb\" 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 Reserve Bank of New Zealand (RBNZ) announced a 25 basis points (0.25%) hike in interest rates to 5.50%, the highest level since 2008. However, the New Zealand dollar (NZD) tumbled by more than 1% from highs of 0.6379 after the RBNZ signalled an end to its streak of 12 interest rate hikes in a row.<\/p><p>The end to this aggressive monetary policy is on the back of what would be welcoming news for consumers and businesses, as inflation is expected to drop from 3.30% to 2.79% for the second quarter 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\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-15a1e28 elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"15a1e28\" 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-a75e292\" data-id=\"a75e292\" 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-1920315 elementor-widget elementor-widget-image\" data-id=\"1920315\" 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:\/\/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-5848adc\" data-id=\"5848adc\" 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-24e1eec elementor-widget elementor-widget-heading\" data-id=\"24e1eec\" 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-58d8ee4 elementor-widget elementor-widget-text-editor\" data-id=\"58d8ee4\" 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-074f80f elementor-align-left elementor-widget elementor-widget-button\" data-id=\"074f80f\" 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-f56c97a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f56c97a\" 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-e7699c8\" data-id=\"e7699c8\" 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-57311e8 elementor-widget elementor-widget-template\" data-id=\"57311e8\" 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. USD: US dollar tops the global currency charts in May May saw the US dollar (USD) become the top-performing currency across the board. The US Dollar Index (DXY) \u2013 a measure of [&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>May 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. May saw the USD rise to new highs amidst global market uncertainties.\" \/>\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-may-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"fx update May 2023\" \/>\n<meta property=\"og:description\" content=\"Our monthly FX market update keeps you updated on the latest market movements for the major currencies. May saw the USD rise to new highs amidst global market uncertainties.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.worldfirst.com\/sg\/fx-update-may-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"WorldFirst SG\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-23T16:04:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/int4-ec1-marketing-cms-oss.oss-eu-central-1.aliyuncs.com\/sites\/9\/2023\/11\/asset_fx_update.png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.worldfirst.com\/sg\/fx-update-may-2023\/\",\"url\":\"https:\/\/www.worldfirst.com\/sg\/fx-update-may-2023\/\",\"name\":\"May 2023 FX market update | Foreign exchange news | WorldFirst SG\",\"isPartOf\":{\"@id\":\"https:\/\/www.worldfirst.com\/sg\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.worldfirst.com\/sg\/fx-update-may-2023\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.worldfirst.com\/sg\/fx-update-may-2023\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/int4-ec1-marketing-cms-oss.oss-eu-central-1.aliyuncs.com\/sites\/9\/2023\/11\/asset_fx_update.png\",\"datePublished\":\"2023-10-20T11:49:33+00:00\",\"dateModified\":\"2023-11-23T16:04:09+00:00\",\"description\":\"Our monthly FX market update keeps you updated on the latest market movements for the major currencies. 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