Currencies
Philippine Peso Sentiment on Upswing as Rate Cut Prospects Fade
- Likelihood of BSP keeping rates on hold on Aug. 15 has risen
- Peso among top performers in EM Asia last week, also vs. yen
The Philippine peso has rallied 2.8% after falling to the lowest in more than two years in June.
Photographer: Lisa Marie David/BloombergThis article is for subscribers only.
The Philippine peso is set to extend gains after an unexpected pickup in inflation damped the possibility of an interest-rate cut this week.
The peso, which closed at 57.28 per dollar on Friday, has rallied 2.8% after falling to the lowest in more than two years in June. Rizal Commercial Banking Corp. expects the peso to advance to as high as 56.5 per dollar by the end of the year.