The Philippine peso has decreased in value compared to the US dollar due to anticipations of higher inflation rates in September.
inflation
On Monday, the value of the Peso decreased in relation to the Dollar, as there were expectations of a higher inflation rate in September.flation.
On Monday, the domestic currency ended at P56.775 against the US dollar, showing a decrease of 20 centavos from Friday’s P56.575.fi
According to information on the Bankers Association of the Philippines’ website, there has been a decrease in data.
The domestic currency began Monday’s trading with a higher value of P56.70 per dollar. It reached its peak for the day at P56.67, but also experienced its lowest rate at P56.80 against the US dollar.
The amount of money exchanged decreased from $1.19 billion on Friday to $1.15 billion on Monday.
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A trader sent a text message stating that there was anticipation for September.
A BusinessWorld poll of 17 analysts yielded a median estimate of 5.4% for September infl
The figure fell within the lower range of the BSP’s projected range of 5.3-6.1% for the month.
the year 2020, will be the month of a year
If achieved, September 2020 will be the month of the year.fl
The rate for September is expected to increase from August’s 5.3% but still be less than the 6.9% recorded in September 2022.
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September will mark the 18th month.th
For the past month, this has been consistent.fl
The inflation rate exceeded the BSP’s target range of 2-4% for the year.
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The Philippine Statistics Authority will publish data for the month of September.fl
On Thursday, there will be an update of information regarding the nation.
According to a message on Viber from Rizal Commercial Banking Corp.’s Chief Economist Michael L. Ricafort, the weakening peso can be attributed to the overall strength of the dollar.
According to Reuters, the US dollar index has retreated slightly from its recent peak of 106.21, which was the highest it has been in 10 months. This comes after a strong showing in the past quarter, attributed to the continuous hawkish stance of the US Federal Reserve and an increase in US Treasury yields.
The trader predicted that on Tuesday, the peso may continue to decrease in value because of potential indications of a more aggressive stance from US Federal Reserve Chair Jerome H. Powell.
On Tuesday, the trader observes the peso fluctuating between P56.65 and P56.90 against the dollar, while Mr. Ricafort predicts a range of P56.65 to P56.85. This information was provided by AMCS with Reuters.