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Peso gains 19 cents to ?56.61 as US dollar weakens sharply

Business | Banking & Finance

Peso gains 19 cents to ?56.61 as US dollar weakens sharply

The peso gained a hefty 19 centavos against the United States (US) dollar on Monday, April 21, closing at ₱56.61 from ₱56.8 last April 16.

Philippine markets were closed during the observance of Holy Week.

The local currency hit an intraday high of ₱56.48 and a low of ₱56.65 after opening at ₱56.64, according to the Bankers Association of the Philippines (BAP).

Total trading volume dropped to $1.458 billion from $2.303 billion on Wednesday last week.

MUFG Global Markets Research senior currency analyst Michael Wan noted that the US dollar "weakened sharply at Asia open, amid a shortened trading week last week and with several markets still out on holidays."

"What's driving this further move lower in the dollar is perhaps the continued theme of the decline of US exceptionalism, with some concerning signs last week that the Trump administration is looking for ways to fire Fed Chair [Jerome] Powell," Wan explained.

Despite recent gains, Japanese financial giant MUFG Bank Ltd. has forecast the Philippine peso to depreciate to ₱58.8:$1 in the second quarter of 2025, before gradually appreciating versus the greenback to the ₱58.5 level by the third quarter, ₱58.2 by the fourth quarter, and ₱58 by the first quarter of 2026.

Related Tags

MUFG Bank Ltd Donald Trump US Federal Reserve US dollar Philippine peso

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