Peso Sinks to P58 Level on Hawkish Fed - BusinessWorld Online

Peso weakens to 58:$1 as steady Fed rate boosts dollar

MANILA, Philippines — The peso retreated to the 58-level against the US dollar on Thursday morning as the US Federal Reserve’s decision to keep interest rates steady propped up the greenback. The peso’s worst showing stood at 58.06 against the dollar during the morning trade. The local currency previously closed at 57.115:$1. The dollar extended

Peso sinks to P58 level on hawkish Fed - BusinessWorld Online

THE PESO plummeted to the P58 level on Thursday, hitting a near six-month low versus the greenback, following hawkish comments from US Federal Reserve Chair Jerome H. Powell that dampened hopes for a September rate cut. The local unit plunged by 74 centavos to close at P58.32 against the dollar from its P57.58 finish on Wednesday, Bankers Association of the Philippines data showed. This was the peso’s weakest close in nearly six months or since …

Peso closes at 58.34:$1

MANILA, Philippines — The peso once again grazed 58 to the dollar as the US Federal Reserve extended its pause on rate cuts which strengthened the greenback.Thursday's close at P58.32:$1, considered the weakest since February 4 at P58.34:$1, was down by 74 centavos from the previous P57.58.It opened trading at P57.86:$1 and ranged from P57.85 to P58.4, with the volume reaching P2.599 billion, higher than the P1.859 billion recorded in the previo…