The Philippine peso hit a brand new all-time low in opposition to the US greenback on Friday because the dollar rallied amid a hawkish US Federal Reserve.
The native foreign money misplaced 35 centavos from Thursday’s end of P56.42:$1 to shut at P56.77:$1 on Friday.
This can be a new file low for the native unit, surpassing the sooner all-time low of P56.45:$1 on October 14, 2004.
The peso additionally registered an intraday low of P56.90 earlier than closing at P56.77.
The native foreign money has shed P5.771 or 11.3% for the reason that begin of 2022, in opposition to the P50.999:$1 as of end-2021.
Rizal Business Banking Corp. chief economist Michael Ricafort attributed the native unit’s weak spot to “the stronger US greenback versus main world currencies and the benchmark 10-year US Treasury yield at a brand new two-month excessive of three.25% amid extra hawkish Fed alerts just lately to deliver down elevated inflation.”
Reuters reported on Wednesday that Fed chair Jerome Powell’s hawkish remarks about protecting financial coverage tight “for a while” dashed hopes of extra modest rate of interest hikes.
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Ricafort mentioned the following resistance for the peso is the “psychological” P57.00:$1.
Rates of interest are among the many instruments utilized by central banks to stabilize inflation by way of controlling the cash provide by elevating borrowing prices.
Larger borrowing prices might make customers and companies spend much less, thereby decreasing financial exercise or decreasing demand and ultimately decreasing costs.
Acknowledgement: This text is sponsored by Usapang Hanapbuhay.
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