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The Philippine peso depreciated to the P58:$1 level on Tuesday to mark its worst showing in over 18 months, as regional currencies softened after recent signals of a delayed rate cut by the Federal Reserve.The local currency shed 37 centavos to close at P58.27:$1 from Monday’s finish of P57.68:$1. This is the worst showing in 18 months since November 8, 2022’s finish of P58.275:$1.
Add to that statements by several Fed officials last night reiterating hawkishness and last week’s dovish BSP sentiment which seem to have carried over in yesterday’s and today’s session,” Security Bank Corp. chief economist Robert Dan Roces said in a separate mobile message.Remolona last Thursday said the BSP is now “less hawkish,” as the Monetary Board kept policy rates unchanged for the fifth straight policy meeting, but hinted at the possibility of easing rates as early as August.
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