The New Peso Rate

[BobNChe]

UBS: Peso to breach 50-$1 level by year end

That level was breached today at 1 am EST. But it fell off a little!

[tropicalwaste]

UBS: Peso to breach 50-$1 level by year end

That level was breached today at 1 am EST. But it fell off a little!

I dont think its scratched the surface yet its going to get a lot weaker.. Although the Philippines has an inward economy truth is people are holding onto dollars throughout the world not just Asia. But the Philippines is about to feel the brunt worse than most. People are starting to return home and it lacks any real economy to stabilize funds. To much going on at the top people looking after themselves to realise its the people at the bottom that keep funds ticking over.

[BobNChe]

UBS: Peso to breach 50-$1 level by year end

That level was breached today at 1 am EST. But it fell off a little!

I dont think its scratched the surface yet its going to get a lot weaker.. Although the Philippines has an inward economy truth is people are holding onto dollars throughout the world not just Asia. But the Philippines is about to feel the brunt worse than most. People are starting to return home and it lacks any real economy to stabilize funds. To much going on at the top people looking after themselves to realise its the people at the bottom that keep funds ticking over.

Spot on m8!

[Mr Lee]

BSP stops peso short of 50 to $111/20/2008 The peso hit a two-year low of 49.999 per dollar for the second consecutive day yesterday stopping the currency from hitting the 50 per dollar level only after the Bangko Sentral ng Pilipinas (BSP) intervened in the market, traders said. It closed at 49.89 from a 49.94 finish a day ago, which was its two-year low. The BSP was suspected of selling dollars to defend the peso after the currency fell to levels a fraction away from 50 per dollar, traders said.

[Mr Lee]

Currency Conversion Results Symbol U.S. Dollar ExchangeRate Philippine Peso Bid Ask USDPHP=X 1 Nov 19 50.065 50.065 50.065 50.110 Currency Conversion Results Symbol Australian Dollar ExchangeRate Philippine Peso Bid Ask AUDPHP=X 1 Nov 19 31.936 31.936 31.936 31.980 Currency Conversion Results Symbol Euro ExchangeRate Philippine Peso Bid Ask EURPHP=X 1 Nov 19 62.619 62.619 62.619 62.688 http://finance.yahoo.com/currency/convert?

[Mr Lee]

http://business.inquirer.net/money/topstor...ecession-reportPeso falters on US recession report By Doris DumlaoPhilippine Daily InquirerFirst Posted 03:45:00 12/03/2008The peso slipped back to the 49-per-dollar level Tuesday as news that the United States had long fallen into recession triggered a new wave of stock market sell-offs in Wall Street as well as across Asian emerging markets.Taking a heavy beating from the bloodbath in the equities markets, the peso fell 0.54 to close at 49.50 to the dollar from Friday

[Mr Lee]

http://www.gmanews.tv/story/138962/Remitta...-two-month-highRemittances boost peso to two-month high12/12/2008 | 02:12 AM MANILA, Philippines - The peso on Thursday soared to a two-month peak against the dollar, as banks unloaded their US currency holdings barely two weeks ahead of a long Christmas break.It closed at P47.78 per dollar

[Mr Lee]

http://www.manilastandardtoday.com/?page=b...ess3_dec30_2008Filipinos remit more when peso is weaker

[Mr Lee]

http://business.inquirer.net/money/breakin...further-in-2009 Peso expected to weaken further in 2009 By Doris DumlaoPhilippine Daily InquirerFirst Posted 01:24:00 12/31/2008 The peso, which has fallen 13 percent against the dollar this year, is widely expected to decline further in 2009 due to the impact a worsening global economic downturn will have on foreign investments, exports and overseas remittances.The peso ended this year at 47.52 to the dollar, 6.24 weaker than at end-2007, eroding a 19-percent gain it posted last year.Even though the United States is in the grip of recession, the dollar has entered a long-term up-cycle, thus becoming a haven for risk-averse global investors, local currency dealers said."The peso-dollar market is a limited market," a treasurer at a local commercial bank said Tuesday. "Direct foreign investment [inflows] may be small."The treasurer said foreign exchange remittances from overseas Filipinos could be sustained at current levels with minimal growth.As the economy is expected to slow down and lead to low demand for imports, it may also bring down export earnings, the bank treasurer added.The bank official predicted that the peso would hit a high of 46 to the dollar before it dropping to a low of 52 in the coming year."Most markets will continue to consolidate," the bank treasurer said. "The stock market will trade sideways, but may touch a major low point. Interest rate may not be a significant factor as most are reaching optimal low levels."The central bank, Bangko Sentral ng Pilipinas( BSP), which recently cut its key overnight borrowing rate by half a percentage point and trimmed the reserve requirement on banks by two percentage points, has hinted of further monetary policy easing in 2009.Lower interest rates typically make a currency less attractive. But given the bleak economic outlook, most central banks across the globe have aggressively eased monetary policies to support domestic growth.In its outlook for 2009, Citigroup has projected that the peso will fall to 50 to the dollar in the next six months and to 51 in succeeding months before rising toward the 48-per-dollar level in 2010 and 2011.The BSP has said it expects a continuing external surplus and ample foreign reserves to support the peso in the coming year."Reserves are built up precisely as insurance for rainy days Edited December 30, 2008 by Mr. Lee

[retired]

http://business.inquirer.net/money/breakin...further-in-2009 Peso expected to weaken further in 2009 By Doris DumlaoPhilippine Daily InquirerFirst Posted 01:24:00 12/31/2008 The peso, which has fallen 13 percent against the dollar this year, is widely expected to decline further in 2009 due to the impact a worsening global economic downturn will have on foreign investments, exports and overseas remittances.The peso ended this year at 47.52 to the dollar, 6.24 weaker than at end-2007, eroding a 19-percent gain it posted last year.Even though the United States is in the grip of recession, the dollar has entered a long-term up-cycle, thus becoming a haven for risk-averse global investors, local currency dealers said."The peso-dollar market is a limited market," a treasurer at a local commercial bank said Tuesday. "Direct foreign investment [inflows] may be small."The treasurer said foreign exchange remittances from overseas Filipinos could be sustained at current levels with minimal growth.As the economy is expected to slow down and lead to low demand for imports, it may also bring down export earnings, the bank treasurer added.The bank official predicted that the peso would hit a high of 46 to the dollar before it dropping to a low of 52 in the coming year."Most markets will continue to consolidate," the bank treasurer said. "The stock market will trade sideways, but may touch a major low point. Interest rate may not be a significant factor as most are reaching optimal low levels."The central bank, Bangko Sentral ng Pilipinas( BSP), which recently cut its key overnight borrowing rate by half a percentage point and trimmed the reserve requirement on banks by two percentage points, has hinted of further monetary policy easing in 2009.Lower interest rates typically make a currency less attractive. But given the bleak economic outlook, most central banks across the globe have aggressively eased monetary policies to support domestic growth.In its outlook for 2009, Citigroup has projected that the peso will fall to 50 to the dollar in the next six months and to 51 in succeeding months before rising toward the 48-per-dollar level in 2010 and 2011.The BSP has said it expects a continuing external surplus and ample foreign reserves to support the peso in the coming year."Reserves are built up precisely as insurance for rainy days