Philippine Peso Falls Most in Nine Months as Growth Outlook Cut
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The Philippine peso fell the most in almost nine months and government bonds rose after the World Bank cut its growth forecasts for the Asian nation.
Gross domestic product will increase 6.4 percent this year and 6.7 percent in 2015, compared with previous estimates of 6.6 percent and 6.9 percent, the World Bank said in a statement today, citing weaker government spending and tighter monetary policy. The U.S. trade deficit narrowed unexpectedly in June, buoying demand for the greenback, data showed yesterday.