News dalla rete ITA

5 Gennaio 2022

Filippine

PHILIPPINE PESO GOES FROM EMERGING MARKET ASIA'S BEST TO WORST CURRENCY

THE Philippine peso turned into emerging Asia's worst-performing currency in December from being the best, as a seasonal boost from remittances petered out.The currency dropped around 2 per cent last week, wiping out all the gains in the first three weeks of December that had made it the regional outperformer.The peso faces headwinds from a dovish central bank that left interest rates unchanged last month and signalled that it would keep monetary policy accommodative, in contrast to a Federal Reserve set for rate hikes in 2022. It may also come under pressure from a rising current-account deficit.The peso climbed almost 2 per cent last quarter through Dec 23, supported by surging remittances and optimism over economic growth recovery. December 2021 remittances were the highest since 2009.The currency retreated about 6 per cent in 2021 to close at 51 per US dollar on Friday (Dec 31). History shows it slid in January in five of the past six years as support from remittances faded.Meanwhile, the central bank last month revised its 2021 current-account estimate to a deficit from a surplus, and forecast the shortfall will more than double to about $10 billion in 2022. https://www.businesstimes.com.sg/banking-finance/philippine-peso-goes-from-emerging-market-asias-best-to-worst-currency-in-a-week (ICE SINGAPORE)


Fonte notizia: The Business Times, 4 January 2022