THE peso nearly fell back to the P56:$1 level on Monday while the stock market hit an over two and a half year high, tracking regional movements on Monday in the wake of last week's jumbo Federal Reserve rate cut.
THE peso nearly fell back to the P56:$1 level on Monday while the stock market hit an over two and a half year high, tracking regional movements on Monday in the wake of last week's jumbo Federal Reserve rate cut.The currency weakened by 28 centavos to close at the day's high of P55.97 against the dollar, joining other Asian currencies that slipped as the greenback stayed above the one-year low hit after the US central bank kicked off an easing cycle by announcing a 50-basis point cut.
'The benchmark index continued its very bullish momentum to close at its highest level since February 2022 on the back of the BSP's significant reduction of the reserve requirement ratio and strong foreign fund flows,' China Bank Capital Corp. Managing Director Juan Paolo Colet said.'The market is technically overbought and we expect a pullback very soon,' he added.Philstocks Financial Inc.
Tops 400 Peso Almost Slips To P56:$1
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