THE peso will likely end the year at P55.30 against the dollar, Metrobank Research said, following last week's US Federal Reserve's 50-basis point (bps) interest rate cut.
THE peso will likely end the year at P55.30 against the dollar, Metrobank Research said, following last week's US Federal Reserve's 50-basis point interest rate cut.The US central bank's 'dovish' cut has led to a weaker greenback and Metrobank Research said that the exchange rate could further improve to P54.50:$1 next year.
The peso, which earlier in the year fell to the P58:$1 level after the Bangko Sentral ng Pilipinas said it would cut ahead of the Fed, has since returned to P55:$1 territory.The BSP, which last month, started easing via a 25-bps cut, will likely follow this up with a repeat in October, Metrobank Research said.It expects 75 bps of rate cuts this year, meaning another 25-bps cut in December, that will bring the policy rate to 5.75 percent by the end of 2024.
Expected To Hit P55.30:$1 By Yearend
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