Peso at P51:$1 on lower inflation expectationshome/Business/Top Business/Peso at P51:$1 on lower inflation expectationsTHE peso returned to the P51:$1 level on Monday, hitting a one-month high, on expectations of a slower inflation rate last month. The currency, which opened at P52.15 against the greenback, gained 25 centavos to close at P51.91, its highest since its P51.86:$1 finish on May 7. Since then, the world’s two largest economics have exchanged tit-for-tat tariffs on two-way trade worth hundreds of billions of dollars. For his part, ING Bank Manila senior economist Nicholas Antonio Mapa believes the peso tracked the movement of regional currencies. “EM (emerging market) currencies bounced back sharply despite the risk off tone as the escalating trade war adds to the case for a [US Federal Reserve] rate cut in 2019,” he said.

Source: Manila Times June 03, 2019 16:29 UTC