December 18, 2017, 6:47 pm
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1 Philippine Peso = 0.07288 UAE Dirham
1 Philippine Peso = 2.24593 Albanian Lek
1 Philippine Peso = 0.03533 Neth Antilles Guilder
1 Philippine Peso = 0.34712 Argentine Peso
1 Philippine Peso = 0.02593 Australian Dollar
1 Philippine Peso = 0.03533 Aruba Florin
1 Philippine Peso = 0.0397 Barbados Dollar
1 Philippine Peso = 1.63815 Bangladesh Taka
1 Philippine Peso = 0.03288 Bulgarian Lev
1 Philippine Peso = 0.00748 Bahraini Dinar
1 Philippine Peso = 34.75546 Burundi Franc
1 Philippine Peso = 0.01985 Bermuda Dollar
1 Philippine Peso = 0.02675 Brunei Dollar
1 Philippine Peso = 0.13617 Bolivian Boliviano
1 Philippine Peso = 0.06539 Brazilian Real
1 Philippine Peso = 0.01985 Bahamian Dollar
1 Philippine Peso = 1.2763 Bhutan Ngultrum
1 Philippine Peso = 0.20411 Botswana Pula
1 Philippine Peso = 397.3799 Belarus Ruble
1 Philippine Peso = 0.03965 Belize Dollar
1 Philippine Peso = 0.02552 Canadian Dollar
1 Philippine Peso = 0.01965 Swiss Franc
1 Philippine Peso = 12.62406 Chilean Peso
1 Philippine Peso = 0.13118 Chinese Yuan
1 Philippine Peso = 59.40849 Colombian Peso
1 Philippine Peso = 11.184 Costa Rica Colon
1 Philippine Peso = 0.01985 Cuban Peso
1 Philippine Peso = 1.86245 Cape Verde Escudo
1 Philippine Peso = 0.43364 Czech Koruna
1 Philippine Peso = 3.50992 Djibouti Franc
1 Philippine Peso = 0.12575 Danish Krone
1 Philippine Peso = 0.94204 Dominican Peso
1 Philippine Peso = 2.28011 Algerian Dinar
1 Philippine Peso = 0.26427 Estonian Kroon
1 Philippine Peso = 0.35252 Egyptian Pound
1 Philippine Peso = 0.5391 Ethiopian Birr
1 Philippine Peso = 0.01689 Euro
1 Philippine Peso = 0.04119 Fiji Dollar
1 Philippine Peso = 0.01488 Falkland Islands Pound
1 Philippine Peso = 0.0149 British Pound
1 Philippine Peso = 0.08949 Ghanaian Cedi
1 Philippine Peso = 0.93628 Gambian Dalasi
1 Philippine Peso = 177.61016 Guinea Franc
1 Philippine Peso = 0.14561 Guatemala Quetzal
1 Philippine Peso = 4.01171 Guyana Dollar
1 Philippine Peso = 0.15502 Hong Kong Dollar
1 Philippine Peso = 0.46602 Honduras Lempira
1 Philippine Peso = 0.12717 Croatian Kuna
1 Philippine Peso = 1.24851 Haiti Gourde
1 Philippine Peso = 5.30468 Hungarian Forint
1 Philippine Peso = 269.45216 Indonesian Rupiah
1 Philippine Peso = 0.0697 Israeli Shekel
1 Philippine Peso = 1.27173 Indian Rupee
1 Philippine Peso = 23.50139 Iraqi Dinar
1 Philippine Peso = 706.60975 Iran Rial
1 Philippine Peso = 2.09111 Iceland Krona
1 Philippine Peso = 2.47122 Jamaican Dollar
1 Philippine Peso = 0.01404 Jordanian Dinar
1 Philippine Peso = 2.23456 Japanese Yen
1 Philippine Peso = 2.04347 Kenyan Shilling
1 Philippine Peso = 1.38392 Kyrgyzstan Som
1 Philippine Peso = 79.89281 Cambodia Riel
1 Philippine Peso = 8.1582 Comoros Franc
1 Philippine Peso = 17.86423 North Korean Won
1 Philippine Peso = 21.58495 Korean Won
1 Philippine Peso = 0.00599 Kuwaiti Dinar
1 Philippine Peso = 0.01628 Cayman Islands Dollar
1 Philippine Peso = 6.65919 Kazakhstan Tenge
1 Philippine Peso = 164.78761 Lao Kip
1 Philippine Peso = 29.88289 Lebanese Pound
1 Philippine Peso = 3.0389 Sri Lanka Rupee
1 Philippine Peso = 2.48432 Liberian Dollar
1 Philippine Peso = 0.26141 Lesotho Loti
1 Philippine Peso = 0.06051 Lithuanian Lita
1 Philippine Peso = 0.01232 Latvian Lat
1 Philippine Peso = 0.02704 Libyan Dinar
1 Philippine Peso = 0.1878 Moroccan Dirham
1 Philippine Peso = 0.33869 Moldovan Leu
1 Philippine Peso = 1.03414 Macedonian Denar
1 Philippine Peso = 27.03454 Myanmar Kyat
1 Philippine Peso = 48.15403 Mongolian Tugrik
1 Philippine Peso = 0.15967 Macau Pataca
1 Philippine Peso = 6.9869 Mauritania Ougulya
1 Philippine Peso = 0.67209 Mauritius Rupee
1 Philippine Peso = 0.30905 Maldives Rufiyaa
1 Philippine Peso = 14.16276 Malawi Kwacha
1 Philippine Peso = 0.37963 Mexican Peso
1 Philippine Peso = 0.08094 Malaysian Ringgit
1 Philippine Peso = 0.2608 Namibian Dollar
1 Philippine Peso = 7.10599 Nigerian Naira
1 Philippine Peso = 0.60838 Nicaragua Cordoba
1 Philippine Peso = 0.16635 Norwegian Krone
1 Philippine Peso = 2.03573 Nepalese Rupee
1 Philippine Peso = 0.02839 New Zealand Dollar
1 Philippine Peso = 0.00762 Omani Rial
1 Philippine Peso = 0.01985 Panama Balboa
1 Philippine Peso = 0.06535 Peruvian Nuevo Sol
1 Philippine Peso = 0.06434 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.17745 Pakistani Rupee
1 Philippine Peso = 0.07099 Polish Zloty
1 Philippine Peso = 111.57205 Paraguayan Guarani
1 Philippine Peso = 0.07225 Qatar Rial
1 Philippine Peso = 0.07797 Romanian New Leu
1 Philippine Peso = 1.1679 Russian Rouble
1 Philippine Peso = 16.58892 Rwanda Franc
1 Philippine Peso = 0.07443 Saudi Arabian Riyal
1 Philippine Peso = 0.15358 Solomon Islands Dollar
1 Philippine Peso = 0.26852 Seychelles Rupee
1 Philippine Peso = 0.13219 Sudanese Pound
1 Philippine Peso = 0.16899 Swedish Krona
1 Philippine Peso = 0.02675 Singapore Dollar
1 Philippine Peso = 0.01489 St Helena Pound
1 Philippine Peso = 0.44077 Slovak Koruna
1 Philippine Peso = 151.44898 Sierra Leone Leone
1 Philippine Peso = 11.09567 Somali Shilling
1 Philippine Peso = 413.80507 Sao Tome Dobra
1 Philippine Peso = 0.17368 El Salvador Colon
1 Philippine Peso = 10.22191 Syrian Pound
1 Philippine Peso = 0.26054 Swaziland Lilageni
1 Philippine Peso = 0.6449 Thai Baht
1 Philippine Peso = 0.04961 Tunisian Dinar
1 Philippine Peso = 0.04557 Tongan paʻanga
1 Philippine Peso = 0.07666 Turkish Lira
1 Philippine Peso = 0.13159 Trinidad Tobago Dollar
1 Philippine Peso = 0.5944 Taiwan Dollar
1 Philippine Peso = 44.30329 Tanzanian Shilling
1 Philippine Peso = 0.54875 Ukraine Hryvnia
1 Philippine Peso = 71.55617 Ugandan Shilling
1 Philippine Peso = 0.01985 United States Dollar
1 Philippine Peso = 0.57046 Uruguayan New Peso
1 Philippine Peso = 160.57959 Uzbekistan Sum
1 Philippine Peso = 0.198 Venezuelan Bolivar
1 Philippine Peso = 450.55577 Vietnam Dong
1 Philippine Peso = 2.09845 Vanuatu Vatu
1 Philippine Peso = 0.05144 Samoa Tala
1 Philippine Peso = 11.07165 CFA Franc (BEAC)
1 Philippine Peso = 0.05359 East Caribbean Dollar
1 Philippine Peso = 11.49782 CFA Franc (BCEAO)
1 Philippine Peso = 2.00337 Pacific Franc
1 Philippine Peso = 4.96129 Yemen Riyal
1 Philippine Peso = 0.26079 South African Rand
1 Philippine Peso = 103.00714 Zambian Kwacha
1 Philippine Peso = 7.18341 Zimbabwe dollar

Fear indicators still send a buy signal

By Vidya Ranganathan

SINGAPORE- Asian investors, wary that the region’s stock markets and currencies have run up too far too fast and wondering whether it is time to take some money off the table, are finding that their concerns are not being reflected in major gauges of volatility and fear.

These indicators are supposed to signal red, or at least orange, when stocks are overvalued and risks – whether economic, corporate or political - are building. Currently, they all suggest it is still safe to be invested in riskier assets.

And that is despite the threat of some kind of conflict involving North Korea, or trade tensions between the US and China boiling over, let alone the lingering threat of a China debt crisis.

The Asian indicators are a reflection in Asian hours of the world’s best-known fear gauge, the VIX a measure of US stock market volatility, which recently hit an all-time low.

They include the volatility gauge for Chinese stocks which has been at 18 percent for much of the year, the lowest since 2014.

Meanwhile, one-year implied volatility on the Indonesian rupiah priced into currency options, is around 6 percent, its lowest since 2012. The rupiah has often been prone to sharp swings in the past. And expectations for volatility in the Indian rupee are at their lowest levels since 2008.

In the past, some of these indicators have warned of trouble ahead. For example, the VXFXI doubled to 38 percent in the weeks before the June 2015 China stock market crash that wiped out a third of the market’s value within three months, and then rose as far as 58 percent during that turmoil.

Likewise, when the Federal Reserve caused the so-called taper tantrum when it looked like it was going to withdraw stimulus from the global economy in 2013, Asian currencies took a hit. The implied volatility for the rupiah spiked to 18 percent several weeks before the rupiah tumbled.

It is all enough to make some investors wonder whether they are being overly nervous.

“The market is not always rational,” said Jian Shi Cortesi, an Asian equities portfolio manager at GAM Investment Management in Zurich. “When we have events happening, then sometimes the market will overshoot on the pessimistic side and everyone runs scared. But if they are not happening, people can get quite complacent,” she said.

Cortesi has tweaked the portfolio she manages to include more defensive stocks, which are less vulnerable to economic swings, such as telecommunications companies. But she also points to relatively cheap valuations in some Asian markets,

currencies that she says she sees as far from overvalued, and an improving corporate earnings outlook, all as reasons to be cheerful.

The US dollar is down 9 percent this year, pressured by a host of factors including disappointing US growth and mounting obstacles to Trump’s ambitious agenda to reform US healthcare and tax policies.

That is giving investors a fresh reason to pursue Asian stock and bond investments, in the hope of further currency gains. Dollar-based returns so far this year in Indian, Chinese and South Korean stocks are already around 30 percent. - Reuters
MSCI’s China index trades at a price-to-earnings ratio of 13, quite a climb from levels around 8 after the crash in 2015 but it is still some way from 15 in 2009 and 24 in 2007. The same ratio for Japan’s MSCI index is around 14, half the levels in 2009.

The Nikkei index scaled 20,000 in June.

The concern that a weak dollar might erode Asian export earnings or that higher dollar interest rates could hurt global growth seem far removed from investors’ radars.

Some strategists say that it is reasonable for prices to stay higher than in the past and for the bull market to continue for another year or two because cheap money from the world’s central banks remains a big support.

“You could say that the risk premium everywhere is very low,” said Mirza Baig, head of Asian currency and rates research at BNP Paribas in Singapore. “But then, we have to discuss what is the risk for which there should be a premium.”

The threat from North Korea’s rocket and nuclear programs is also being played down by investors, who use history as a guide to assuming the situation will not worsen.

Officials in Washington said North Korea’s latest missile test just over a week ago showed it may now be able to reach most of the US In response to that and other recent missile tests, the United Nations Security Council imposed tough new sanctions on North Korean exports on Saturday.

And yet credit default swaps on South Korean government debt which are insurance-like contracts to protect investors in the event of a default, have been subdued at between 42 basis points and 57 basis points since late 2016, half their levels in September 2015 when Pyongyang was merely talking about improving its nuclear arsenal.

“The assumption is that it is impossible to take it to the next higher level which would be military action and would have high costs for either side,” said Claudio Piron, co-head of Asian currency strategy at BofA Merrill Lynch.

“The market is working on mean reversion. That’s what has worked for the past 10 years,” he said. Nonetheless, Piron believes that kind of assumption is dangerous, and recommends being short the Korean won versus Japan’s yen. – Reuters
 
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