MODEL PORTFOLIO
THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
investment-ss-3
Reports
Policy rate views: Fed expected to do baby steps
DOWNLOAD
economy-ss-9
Economic Updates
Inflation Update: Faster but full-year average within target
DOWNLOAD
948 x 535 px AdobeStock_433552847
Reports
Monthly Economic Update: Waiting on Jay Powell
DOWNLOAD
View all Reports
Metrobank.com.ph How To Sign Up
Follow us on our platforms.

How may we help you?

TOP SEARCHES
  • Where to put my investments
  • Reports about the pandemic and economy
  • Metrobank
  • Webinars
  • Economy
TRENDING ARTICLES
  • Investing for Beginners: Following your PATH
  • On government debt thresholds: How much is too much?
  • Philippines Stock Market Outlook for 2022
  • Deficit spending remains unabated

Login

Access Exclusive Content
Login to Wealth Manager
Visit us at metrobank.com.ph How To Sign Up
Access Exclusive Content Login to Wealth Manager
Search
MODEL PORTFOLIO THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
investment-ss-3
Reports
Policy rate views: Fed expected to do baby steps
September 18, 2025 DOWNLOAD
economy-ss-9
Economic Updates
Inflation Update: Faster but full-year average within target
September 5, 2025 DOWNLOAD
948 x 535 px AdobeStock_433552847
Reports
Monthly Economic Update: Waiting on Jay Powell
September 2, 2025 DOWNLOAD
View all Reports
BusinessWorld 2 MIN READ

Peso may stay weak vs strong dollar

June 24, 2024By BusinessWorld
Related Articles
Yields on term deposits slip on dovish Fed bets January 18, 2023 PSEi’s rise to 7,000-level still possible — analysts October 5, 2023 February FDI inflows highest in 14 months May 11, 2023

The peso is likely to stay at the PHP 58 level this week as the dollar will continue to be supported by the US Federal Reserve’s “higher for longer” policy stance, analysts said.

The local unit weakened to a near 20-month low on Friday, ending at P58.80 per dollar, inching down by two centavos from its P58.78 finish on Thursday, Bankers Association of the Philippines data showed.

This was the peso’s worst finish since its PHP 58.87-a-dollar close on Oct. 24, 2022.

Week on week, the peso declined by 15 centavos from its PHP 58.65 finish on June 14.

“Asian currencies showed mixed performance against the US dollar, with focus shifting to Friday’s US June purchasing managers’ index manufacturing data,” Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message.

The Fed’s hawkish stance continued to support the dollar on Friday, leading to a weaker peso, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort added in a Viber message.

The dollar rose against other major currencies on Friday, hitting a fresh eight-week high against the yen as data showed a strong US economy and as the Federal Reserve’s patient approach to interest-rate cuts contrasts it with more dovish peers, Reuters reported.

The dollar index, which measures the currency against six others, was last up 0.2% at 105.82. It had spiked 0.41% overnight, erasing declines for the week, following a second successive rate cut at the Swiss National Bank and hints from the Bank of England of a reduction in August.

For this week, Mr. Roces said the peso’s weakness may persist amid a strong dollar.

“Overall, major central bank rate cuts ahead of the Federal Reserve’s decision are keeping the dollar well-supported and may continue on to [this] week,” he said.

“An offsetting positive factor for the peso is the increased possibility of Fed rate cuts recently, interestingly and ironically, as the latest fed fund futures priced in nearly two Fed rate cuts for 2024,” Mr. Ricafort added.

He expects the peso to move between PHP 58.50 and PHP 58.80 per dollar this week. — AMCS with Reuters

This article originally appeared on bworldonline.com

Read More Articles About:
Worldwide News Philippine News Rates & Bonds Equities Economy Investment Tips Fine Living

You are leaving Metrobank Wealth Insights

Please be aware that the external site policies may differ from our website Terms And Conditions and Privacy Policy. The next site will be opened in a new browser window or tab.

Cancel Proceed
Get in Touch

For inquiries, please call our Metrobank Contact Center at (02) 88-700-700 (domestic toll-free 1-800-1888-5775) or send an e-mail to customercare@metrobank.com.ph

Metrobank is regulated by the Bangko Sentral ng Pilipinas
Website: https://www.bsp.gov.ph

Quick Links
The Gist Webinars Wealth Manager Explainers
Markets
Currencies Rates & Bonds Equities Economy
Wealth
Investment Tips Fine Living Retirement
Portfolio Picks
Bonds Stocks
Others
Contact Us Privacy Statement Terms of Use
© 2025 Metrobank. All rights reserved.

Access this content:

If you are an existing investor, log in first to your Metrobank Wealth Manager account. ​

If you wish to start your wealth journey with us, click the “How To Sign Up” button. ​

Login HOW TO SIGN UP