Peso ends at strongest level in nearly four months

The Philippine peso on Friday closed at 55.74:$1, its strongest position against the greenback in nearly four months after government efforts, both through policy rate hikes and market interventions, to stabilize the local currency produced the desired results.

This also happened as the correction on the US dollar played out longer with the United States Federal Reserve giving less hawkish signals lately.

ING Bank said in a commentary the US dollar further depreciated as US Fed chair Jerome Powell gave hints that the American central bank would probably shift to a slower pace of rate hikes this December.

This seems to have firmed up expectations that the US Fed’s upcoming rate h…

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