Philippine Peso Advances on Fed Tapering Outlook; Bonds Gain
This article is for subscribers only.
The Philippine peso rose by the most in two months and bonds gained after U.S. jobs data reinforced speculation the Federal Reserve will proceed at a cautious pace in tapering stimulus that fueled fund flows to emerging markets.
Payrolls in the U.S. climbed less than projected in August, a Labor Department report showed Sept. 6. The Federal Open Market Committee will probably reduce asset purchases to $75 billion from $85 billion at the Sept. 17-18 meeting, according to the median estimate in a Bloomberg survey of 34 economists after the jobs report. Philippine bonds rose before unemployment and trade data tomorrow.