Rates are down! Keep your dollars under that mattress!

[OnMyWay]

The old story:

The new story.  Peaked on Oct. 5th, 2018 at 54.36.  Sliding ever since.  

 

 

[Mike J]

I think many countries see the USA deficit that was out of control now being pushed to utterly ridiculous levels with the efforts to keep the economy from collapsing.  All countries are taking similar measures but their deficits started at a lower level and they are not going to the extreme of the US.

[GeoffH]

3 hours ago, Mike J said:

All countries are taking similar measures but their deficits started at a lower level and they are not going to the extreme of the US.

I think that's a very valid point, don't quote me but I read a while back that the US deficit was already at around 115% of GDP where as Australias deficit was around 40%?

Sources in Australia are saying that the deficit this year will be of a level not seen since WW2, not sure how the USA compares with that?

[scott h]

43 minutes ago, GeoffH said:

I think that's a very valid point,

There are so many variables in this, another is that Most OFW's are payed in USD and we all know how hard the OFW's got hit

[russellmania]

My first trip to Cebu City was back in 2005 and the rate was P55 to $1 and Im not sure if thats the highest its ever been or not. I thoroughly enjoy it back then LOL!!

[Heeb]

And my wife was mad at me for negotiating our rent payment with dollars, since I transfer it to the landlord’s dollar account in New Zealand from my USA credit union I only have to pay a small wire fee.

[OnMyWay]

1 hour ago, russellmania said:

My first trip to Cebu City was back in 2005 and the rate was P55 to $1 and Im not sure if thats the highest its ever been or not. I thoroughly enjoy it back then LOL!!

Graph below is from 2000 to now.  Went over 58 in early 2004.  Low in this period was 40.22 in 2008.  Recent peak was 54+ in 2018.  Current trend does not look good.  

[Jollygoodfellow]

9 hours ago, OnMyWay said:

Current trend does not look good

Better than the 35 to 1 we aussies get.

[GeoffH]

7 minutes ago, Jollygoodfellow said:

Better than the 35 to 1 we aussies get.

The Philippine Peso tends to track roughly with the US$ so a falling US$ should mean a falling Peso and a higher AU$ to PHP rate.

It's early days but this graph seems to show that trend over the last few days (it was down under 30 not long ago).

Edited August 19, 2020 by GeoffH

[jimeve]

30 minutes ago, GeoffH said:

The Philippine Peso tends to track roughly with the US$ so a falling US$ should mean a falling Peso and a higher AU$ to PHP rate.

It's early days but this graph seems to show that trend over the last few days (it was down under 30 not long ago).

British pounds up too 64.4. was only 61, 2 weeks ago.