The peso fell to a new 11-year low on Wednesday, a development the Bangko Sentral ng Pilipinas (BSP) attributed to speculation over who US President Donald Trump would pick as the next US Federal Reserve chief. AdvertisementsThe currency finished the day at P51.77:$1, down 23 centavos in its weakest close since July 25, 2006’s P51.87:$1. Agence France-Presse reported that Trump, who said that he was “very, very close” to naming the next Fed chief, was likely to pick change over continuity. Concerns over a hawkish US central bank were also cited last week when the peso touched an 11- year low of P51.53 to the dollar. The Bangko Sentral chief stressed that the peso was free to move in line with global external and domestic developments.

Source: Manila Times October 25, 2017 17:03 UTC