May 2024 Updates: Higher forecast for USD/PHP for end-2024
The latest developments in the global foreign exchange market and the likelihood of delays in US Fed rate cuts have compelled us to revise our forecasts.
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Given the recent dollar strength and the peso depreciation, in line with other currencies in the region as most Fed officials signaled a delay in US Fed rate cuts amid the lack of progress on US inflation, we expect the USD/PHP exchange rate to end higher at 56.1 by end-2024 from the previous estimate of PHP 54.0 per dollar with an upward bias.
For more information, please download the full report below:
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May 2024 Updates: Higher forecast for USD/PHP for end-2024
We have revised our USD/PHP forecast amid continuing US dollar strength and rate cut delays in the US.