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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 slumps to near three-month low

January 22, 2024By BusinessWorld
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PH expects USD100B investments in coming years as it seeks closer ties with US, Japan April 12, 2024 PH stocks drop on lingering concerns over banks March 20, 2023 RCEP to take effect in PH by June March 28, 2023

THE PESO declined to a near three-month low against the dollar on Monday as strong US data dampened expectations of an early rate cut by the US Federal Reserve.

The local unit closed at PHP 56.33 per dollar on Monday, weakening by 36 centavos from its PHP 55.97 finish on Friday, data from the Bankers Association of the Philippines showed.

This was the peso’s weakest close in nearly months since its PHP 56.73 finish on Oct. 31, 2023.

The peso opened Monday’s session stronger at PHP 55.95 against the dollar, which was also its intraday best. Its weakest showing was its close of PHP 56.33 versus the greenback.

Dollars traded went up to USD 1.71 billion on Monday from USD 1.39 billion on Friday.

The peso was dragged down by a stronger dollar amid dampened hopes of early policy easing by the Fed, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said via Viber.

“The peso weakened significantly following the upbeat US consumer sentiment report for January and fading views of an early March US rate cut,” a trader said in an e-mail.

The Fed raised borrowing costs by a total of 525 basis points from March 2022 to July 2023 to the 5.25-5.5% range.

It will hold its first policy meeting for the year on Jan. 30-31.

For Tuesday, the trader said the peso could rebound on profit-taking and possible dollar weakness ahead of the Bank of Japan’s policy decision.

The trader sees the peso moving between PHP 56.10 and PHP 56.35 per dollar, while Mr. Ricafort expects it to range from PHP 56.25 to PHP 56.45. — AMCS

This article originally appeared on bworldonline.com

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