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Peso Loses Ground After BSP Rate Decision & Media Briefing

PHP

Spot USD/PHP ticked higher after Philippine central bank warned of a challenging growth outlook, while sticking with its tightening bias, even as policymakers kept interest rates unchanged today. The rate last sits +0.265 at 56.775, with bulls looking to take out the 57.00 figure.

  • Governor Remolona said that the BSP could tighten monetary policy if needed and guided that the next meeting is unlikely to bring monetary easing. At he same time, he flagged challenges to growth and said that economic activity is expected to moderate. The Philippine peso is now the worst performer in emerging Asia.

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