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Manila Bulletin devider Business devider Banking & Finance devider Peso weakens, back at P55:$1

Peso weakens, back at P55:$1

Published Aug 2, 2023 09:05 am
The peso depreciated to P55.19 vis-à-vis the US dollar on Wednesday, Aug. 2, and is back at the P55 level after two weeks in the P54 range. The peso closed weaker and lost P0.42 from P54.77 the day before, based on the exchange rate data of the Bankers Association of the Philippines. Wednesday’s weighted average rate was at P54.987 from P54.754 last Tuesday. Total peso-US dollar volume, meanwhile, increased to $1.10 billion versus $972 million previously. The peso has been mixed ahead of the government’s release of the July inflation data on Friday, Aug. 4. The Bangko Sentral ng Pilipinas (BSP) said last July 31 that they forecast a below five percent inflation for July, lower compared to 5.4 percent in June. HSBC Global FX Strategist Lenny Jin said in a recent commentary that the exchange rate for this month is expected to be more mixed, in terms of the peso outlook. Jin said that despite easing headline consumer price index (CPI), the BSP’s monetary policy stance remains hawkish due to upside risks linked to El Niño and wage hikes. She noted that the peso versus the US dollar has had difficulty breaking the P54.30 level and that “low front-end swap points dampen the carry advantage in the near term.” Meanwhile, “net-net, we see limited downside in USD-PHP from here.” HSBC on Wednesday, in another commentary, also said that BSP will not be reducing the policy rate before the US Federal Reserve. The BSP’s Monetary Board has a current “hold” stance while the US Fed has recently raised its own rates to 5.25 percent to 5.50 percent. The difference will have an impact on the exchange rate. Presently, the BSP rate is at 6.25 percent. “We expect the Philippine central bank to cut rates only after the Fed cuts its own,” said HSBC.
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