The local currency closed at P55.51 versus the greenback on Monday, down by 64 centavos from Thursday’s P54.87 finish, data from the Bankers Association of the Philippines showed. READ:
THE PESO weakened to a near two-month low against the dollar on Monday after the release of US personal consumption expenditures inflation data, which bolstered expectations of more rate hikes from the US Federal Reserve.
“The peso depreciated significantly from heightened expectations of more US rate hikes following the surprise acceleration in the Fed’s preferred inflation gauge,” a trader said in an e-mail. Cleveland Fed President J. Loretta Mester, St. Louis Fed President James Bullard, Boston Fed President Susan M. Collins, and Fed Governor Christopher J. Waller last week all said they would support more rate hikes to tame inflation.
The dollar index, which measures the US currency against six major peers, was at 105.17, just below the seven-week peak of 105.32 it touched on Friday after hotter-than-expected US data, Reuters reported. The index is up 3% for February and set to snap a four-month losing streak.
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Peso to move sideways amid rate worries - BusinessWorld OnlineTHE PESO is expected to move sideways against the dollar this week as strong US consumer spending data fueled expectations of more rate hikes from the US Federal Reserve. The local currency closed at P54.87 versus the greenback on Thursday, appreciating by 31 centavos from Wednesday’s P55.18 finish, Bankers Association of the Philippines data showed. […]
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