Invest Daily Pro
  • Economy
  • Investing
No Result
View All Result
  • Economy
  • Investing
No Result
View All Result
Invest Daily Pro
No Result
View All Result
Home Top News

Peso sinks to P57 level

by
October 9, 2024
in Top News
0
Peso sinks to P57 level
0
SHARES
4
VIEWS
Share on FacebookShare on Twitter
PHILIPPINE STAR/WALTER BOLLOZOS

THE PESO sank back to the P57 level on Wednesday as markets expect the US Federal Reserve to deliver smaller rate cuts for the rest of the year and due to safe-haven demand for the dollar amid the ongoing conflict in the Middle East.

The local unit closed at P57.02 per dollar on Wednesday, dropping by 11.5 centavos from its P56.905 finish on Tuesday, Bankers Association of the Philippines data showed.

This was the peso’s worst close in close to two months or since its P57.245 finish on Aug. 16.

The peso opened Wednesday’s session slightly stronger at P56.888 against the dollar. Its intraday best was at P56.87, while its weakest showing was at P57.06 versus the greenback.

Dollars exchanged went down to $1.58 billion on Wednesday from $1.897 billion on Tuesday.

“The local currency closed above the P57 level anew from the combined effect of dollar safe-haven demand emanating from the escalating tensions in the Middle East [and] growing market expectations of a softer US rate cut of 25 basis points (bps) in November,” a trader said in an e-mail.

The dollar was generally stronger against Asian currencies on Wednesday amid cautious signals from Fed officials, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort added in a Viber message.

Trading at the foreign exchange market was cautious on Wednesday as the market awaited the release of minutes of the Fed’s September meeting and September US consumer price index data, a second trader said by phone.

For Thursday, the first trader sees the peso ranging from P56.85 to P57.10 per dollar, while the second trader expects it to move between P56.70 and P57.10.

For his part, Mr. Ricafort said the local unit could trade from P56.90 to P57.10.

The US dollar nudged up against most currencies and hit a new two month high on a basket of peers, Reuters reported.

With markets turning less certain on Fed cuts while still pricing in easing elsewhere, the dollar index touched 102.7, its highest since Aug. 16. It was last up 0.17% at 102.64.

Investors now have about an 85% chance of a quarter-basis-point reduction priced in, reflecting a slim probability the Fed will leave rates unchanged, the CME FedWatch tool showed. — Aaron Michael C. Sy with Reuters

ShareTweetPin

Related Posts

Have a taste of the perfect day in paradise with SULÀ Spirits
Top News

Have a taste of the perfect day in paradise with SULÀ Spirits

January 8, 2025
First months of 2025 likely rainy amid La Niña conditions, says PAGASA
Top News

First months of 2025 likely rainy amid La Niña conditions, says PAGASA

January 8, 2025
December inflation rises to 2.9%
Top News

December inflation rises to 2.9%

January 7, 2025
Outstanding debt hits fresh high of P16.09T
Top News

Outstanding debt hits fresh high of P16.09T

January 7, 2025
Outstanding debt hits fresh high of P16.09T
Top News

Outstanding debt hits fresh high of P16.09T

January 7, 2025
PHL end-December dollar reserves drop to $106.8B
Top News

PHL end-December dollar reserves drop to $106.8B

January 7, 2025
Next Post
Shares decline further as peso sinks to P57 level

Shares decline further as peso sinks to P57 level

Recommended

Small businesses warn of layoffs as new employment rights bill prompts worry

Small businesses warn of layoffs as new employment rights bill prompts worry

January 6, 2025
PHL surprises with 6.3% GDP growth

PHL surprises with 6.3% GDP growth

August 8, 2024
Jet BI Introduces Smart Shelf: An IoT Solution for Inventory Challenges

Jet BI Introduces Smart Shelf: An IoT Solution for Inventory Challenges

November 26, 2024

One Health Members Receive Free Access to the One Health Score through Narayana One Health’s Partnership with dacadoo

September 23, 2024
Spread Holiday Cheer to British Care Facilities through Cards For Good Causes

Spread Holiday Cheer to British Care Facilities through Cards For Good Causes

November 4, 2024
Entertainment News (08/09/24)

Entertainment News (08/09/24)

August 8, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 InvestDailyPro. All Rights Reserved.

    Disclaimer: InvestDailyPro.com, its managers, its employees, and assigns (collectively InvestDailyPro ) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
    The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    No Result
    View All Result
    • About us
    • Contact us
    • Home
    • Privacy Policy
    • Suspicious engagement
    • Terms & Conditions
    • Terms & Conditions
    • Thank you

    Copyright © 2024 investdailypro.com | All Rights Reserved