As oil prices continue to fall and the market is awaiting the tax fate of US President Donald J. Trump, the Peso continues to strengthen the dollar for the sixth consecutive meeting, the rise of the sixth consecutive meeting.
The Philippine Bankers Association showed that local units closed at P56.30 per dollar, reaching three-thirds of Centavos from P56.33 on Monday.
The peso opened at a meeting on Tuesday at a price of p56.25. It climbed to P56.145 high, while its intraday low was P56.369, while the Green Guard was green.
The dollar rose to $1.97 billion on Tuesday from $1.82 billion on Monday.
“The dollar is closing a little bit more due to optimism about trade deals and concerns about the U.S. debt crisis,” a trader said in a telephone interview.
Michael L. Ricafort, chief economist at Rizal Commercial Bank, said in a Viber message that the continued optimism about the ceasefire between Iran and Israel has also been supported by optimism.
He said this would support a further reduction in Bangkok’s Sentral Ng Pilipinas (BSP) as inflation may still be below the target range of 2-4%, even as fuel costs soared last month due to 12-day conflict in the Middle East, it could be slightly lower.
one BusinessWorld The median estimate of the 17 analysts in the poll was 1.5% of title inflation, higher than 1.3% in May, but still below the BSP target.
If achieved, this would be the fastest print in three months, 1.8% in March, but slower than 3.7% in June 2024. This also falls under the BSP estimate for June from 1.1% to 1.9%.
On Wednesday, traders expect the peso to move between P56.20 and P56.50 per dollar, while Mr Ricafort believes it ranges from P56.15 to P56.40.
The dollar weakened on Tuesday as Mr Trump’s massive tax and spending bill had the biggest impact on the yen and Swiss francs, according to Reuters.
Investors have also begun to slow down the Fed this year at a faster pace, with U.S. reserves already ahead of a large amount of U.S. economic data this week, the title of Thursday’s Non-agricultural Salary Report.
That spurt of dollar sales fell 0.33% to a 10-year low and scored 0.790 Swiss francs, while green fell 0.64% to 143.08 yen. The yen ended the game with a 9% gain in the first half of the year, the strongest performance since 2016.
The euro inhabited at a nearly four-year high of $1.1781. LSEG data showed that the single currency soared 13.8% between January and June, its strongest performance in the first half.
Sterling rose 0.2% to $1.3757, not far from its three and a half years high last week, while the U.S. dollar index (at its lowest point since February 2022) measures the U.S. currency against six other currencies.
Goldman Sachs now expects the Fed to lower interest rates by one-third this year, while a forecast for December cuts takes soft tariff effects and weak labor markets as examples.
Investors are also struggling to address uncertainty over the U.S. Senate’s efforts to pass Mr. Trump’s budget bill, which faces internal parties divisions that are expected to increase its national debt by $33 trillion. Fiscal issues weaken sentiment and diversify some investors.
Since the early 1970s, global reserve currencies have fallen by more than 10% this year since the era of free floating currencies, with the largest currencies in the first half of the year.
Meanwhile, Mr. Trump continued to slam the Fed in order to ease monetary policy, to Fed Chairman Jerome H. – AMC SY and Reuters
