Philippine Peso Falls to 19-Month Low on Taper Risk; Bonds Drop
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The Philippine peso fell to a 19-month low and bonds dropped after U.S. economic data bolstered the case for the Federal Reserve to start tapering stimulus that has inflated asset prices in emerging markets.
The index of U.S. leading indicators climbed in July by the most in three months, according to a report released yesterday. Asian currencies fell this week as minutes of the Fed’s July meeting showed officials were “broadly comfortable” with reducing bond buying this year if the economy improves.