Smarter News Now
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
No Result
View All Result
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
No Result
View All Result
Smarter News Now
No Result
View All Result
Home Investing News

Peso drops vs dollar on hawkish Fed signals

by
August 15, 2022
in Investing News
0
Peso drops vs dollar on hawkish Fed signals
0
SHARES
7
VIEWS
Share on FacebookShare on Twitter
BW FILE PHOTO

THE PESO weakened versus the greenback on Monday following hawkish signals from another official of the US Federal Reserve.

The local unit closed at P55.825 per dollar on Monday, down by 21.5 centavos from its P55.61 finish on Friday, data from the Bankers Association of the Philippines showed.

The peso opened Monday’s session at P55.72 versus the dollar, which was also its intraday best. Meanwhile, its weakest showing was at P55.90 against the greenback.

Dollars exchanged decreased to $896.6 million on Monday from $1.01 billion on Friday.

The peso depreciated on Thursday due to hawkish signals from a Fed official, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

Richmond Federal Reserve Bank President Thomas I. Barkin on Friday said he will support more interest rate hikes to bring inflation under control.

Mr. Barkin added that they will watch US economic data to decide how big a rate hike should be at the Fed’s next meeting in September.

The Fed has increased its key rate by 225 basis points so far since March.

Still, stronger remittances data in June was positive for the peso, Mr. Ricafort said.

Data released by the central bank on Monday showed cash remittances sent through banks reached $2.75 billion in June, up 4.4% from $2.63 billion in the same month in 2021.

For the first half, cash remittances increased by 2.9% to $15.3 billion from $14.9 billion. The central bank expects remittances to grow by 4% this year.

For Tuesday, Mr. Ricafort gave a forecast range of P55.70 to P55.90 per dollar. — KBT

ShareTweetPin

Related Posts

Stocks decline on profit taking, recession fears
Investing News

Stocks decline on profit taking, recession fears

August 23, 2022
Peso climbs vs dollar as RTB offer starts
Investing News

Peso climbs vs dollar as RTB offer starts

August 23, 2022
PNR cancels bids for 3 projects after finding them ‘non-feasible’
Investing News

PNR cancels bids for 3 projects after finding them ‘non-feasible’

August 23, 2022
Senate grills Rodriguez on approval procedures for sugar import order
Investing News

Senate grills Rodriguez on approval procedures for sugar import order

August 23, 2022
Trade dep’t expecting sugar price monitoring report by Friday
Investing News

Trade dep’t expecting sugar price monitoring report by Friday

August 23, 2022
Fisherfolk seek halt to reclamation on municipal fisheries
Investing News

Fisherfolk seek halt to reclamation on municipal fisheries

August 23, 2022
Next Post
The Sandman: How representations of dreams and nightmares have changed over time

The Sandman: How representations of dreams and nightmares have changed over time

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Email Address *
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
 

Recommended

Comparison Between Oil Trading And Super Cool Bitcoin!

Comparison Between Oil Trading And Super Cool Bitcoin!

July 17, 2022
What Should You Know Before Booking Your EICR Certificate

What Should You Know Before Booking Your EICR Certificate

August 17, 2022
Why do SMEs hesitate to digitalize?

Why do SMEs hesitate to digitalize?

June 6, 2022
Peso rebounds as oil drops on fears of global slowdown

Peso rebounds as oil drops on fears of global slowdown

July 13, 2022
PHL, Thailand seek to settle trade dispute

PHL, Thailand seek to settle trade dispute

June 12, 2022
G7, NATO leaders to ratchet up pressure on Russia, keep eye on China — US officials

G7, NATO leaders to ratchet up pressure on Russia, keep eye on China — US officials

June 23, 2022
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2022 SmarterNewsNow.
All Rights Reserved.

Disclaimer: SmarterNewsNow.com, its managers, its employees, and assigns (collectively “The Company”) 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
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms & Conditions
  • Thank You

Copyright © 2020 SmarterNewsNow. All Rights Reserved.