July 22, 2018, 2:19 pm
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1 Philippine Peso = 0.0687 UAE Dirham
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1 Philippine Peso = 0.03442 Neth Antilles Guilder
1 Philippine Peso = 0.51646 Argentine Peso
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1 Philippine Peso = 0.01871 Bahamian Dollar
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1 Philippine Peso = 0.01868 Swiss Franc
1 Philippine Peso = 12.20576 Chilean Peso
1 Philippine Peso = 0.12563 Chinese Yuan
1 Philippine Peso = 53.5578 Colombian Peso
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1 Philippine Peso = 0.01871 Cuban Peso
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1 Philippine Peso = 2.19981 Algerian Dinar
1 Philippine Peso = 0.25129 Estonian Kroon
1 Philippine Peso = 0.33389 Egyptian Pound
1 Philippine Peso = 0.51106 Ethiopian Birr
1 Philippine Peso = 0.01606 Euro
1 Philippine Peso = 0.03917 Fiji Dollar
1 Philippine Peso = 0.01429 Falkland Islands Pound
1 Philippine Peso = 0.01431 British Pound
1 Philippine Peso = 0.08962 Ghanaian Cedi
1 Philippine Peso = 0.88982 Gambian Dalasi
1 Philippine Peso = 168.66816 Guinea Franc
1 Philippine Peso = 0.14005 Guatemala Quetzal
1 Philippine Peso = 3.88103 Guyana Dollar
1 Philippine Peso = 0.1468 Hong Kong Dollar
1 Philippine Peso = 0.44747 Honduras Lempira
1 Philippine Peso = 0.1187 Croatian Kuna
1 Philippine Peso = 1.26057 Haiti Gourde
1 Philippine Peso = 5.20183 Hungarian Forint
1 Philippine Peso = 269.36027 Indonesian Rupiah
1 Philippine Peso = 0.06796 Israeli Shekel
1 Philippine Peso = 1.28159 Indian Rupee
1 Philippine Peso = 22.25963 Iraqi Dinar
1 Philippine Peso = 813.69248 Iran Rial
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1 Philippine Peso = 2.43547 Jamaican Dollar
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1 Philippine Peso = 2.11107 Japanese Yen
1 Philippine Peso = 1.8771 Kenyan Shilling
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1 Philippine Peso = 16.83502 North Korean Won
1 Philippine Peso = 21.15413 Korean Won
1 Philippine Peso = 0.00566 Kuwaiti Dinar
1 Philippine Peso = 0.01534 Cayman Islands Dollar
1 Philippine Peso = 6.4508 Kazakhstan Tenge
1 Philippine Peso = 157.22035 Lao Kip
1 Philippine Peso = 28.15189 Lebanese Pound
1 Philippine Peso = 2.98915 Sri Lanka Rupee
1 Philippine Peso = 3.00412 Liberian Dollar
1 Philippine Peso = 0.24822 Lesotho Loti
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1 Philippine Peso = 0.01161 Latvian Lat
1 Philippine Peso = 0.02573 Libyan Dinar
1 Philippine Peso = 0.17723 Moroccan Dirham
1 Philippine Peso = 0.31076 Moldovan Leu
1 Philippine Peso = 0.98373 Macedonian Denar
1 Philippine Peso = 26.78638 Myanmar Kyat
1 Philippine Peso = 45.80995 Mongolian Tugrik
1 Philippine Peso = 0.15122 Macau Pataca
1 Philippine Peso = 6.64048 Mauritania Ougulya
1 Philippine Peso = 0.64347 Mauritius Rupee
1 Philippine Peso = 0.29125 Maldives Rufiyaa
1 Philippine Peso = 13.40105 Malawi Kwacha
1 Philippine Peso = 0.35353 Mexican Peso
1 Philippine Peso = 0.07589 Malaysian Ringgit
1 Philippine Peso = 0.24819 Namibian Dollar
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1 Philippine Peso = 0.58586 Nicaragua Cordoba
1 Philippine Peso = 0.15284 Norwegian Krone
1 Philippine Peso = 2.04293 Nepalese Rupee
1 Philippine Peso = 0.02753 New Zealand Dollar
1 Philippine Peso = 0.00719 Omani Rial
1 Philippine Peso = 0.01871 Panama Balboa
1 Philippine Peso = 0.06114 Peruvian Nuevo Sol
1 Philippine Peso = 0.06073 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.39618 Pakistani Rupee
1 Philippine Peso = 0.0692 Polish Zloty
1 Philippine Peso = 106.97905 Paraguayan Guarani
1 Philippine Peso = 0.06809 Qatar Rial
1 Philippine Peso = 0.07472 Romanian New Leu
1 Philippine Peso = 1.18 Russian Rouble
1 Philippine Peso = 15.95267 Rwanda Franc
1 Philippine Peso = 0.07015 Saudi Arabian Riyal
1 Philippine Peso = 0.14747 Solomon Islands Dollar
1 Philippine Peso = 0.25122 Seychelles Rupee
1 Philippine Peso = 0.33483 Sudanese Pound
1 Philippine Peso = 0.16573 Swedish Krona
1 Philippine Peso = 0.02554 Singapore Dollar
1 Philippine Peso = 0.0143 St Helena Pound
1 Philippine Peso = 0.41538 Slovak Koruna
1 Philippine Peso = 153.38571 Sierra Leone Leone
1 Philippine Peso = 10.68088 Somali Shilling
1 Philippine Peso = 393.68313 Sao Tome Dobra
1 Philippine Peso = 0.16367 El Salvador Colon
1 Philippine Peso = 9.633 Syrian Pound
1 Philippine Peso = 0.24845 Swaziland Lilageni
1 Philippine Peso = 0.62252 Thai Baht
1 Philippine Peso = 0.04952 Tunisian Dinar
1 Philippine Peso = 0.04351 Tongan paʻanga
1 Philippine Peso = 0.08966 Turkish Lira
1 Philippine Peso = 0.12587 Trinidad Tobago Dollar
1 Philippine Peso = 0.57159 Taiwan Dollar
1 Philippine Peso = 42.49906 Tanzanian Shilling
1 Philippine Peso = 0.49158 Ukraine Hryvnia
1 Philippine Peso = 69.56977 Ugandan Shilling
1 Philippine Peso = 0.01871 United States Dollar
1 Philippine Peso = 0.58277 Uruguayan New Peso
1 Philippine Peso = 145.09914 Uzbekistan Sum
1 Philippine Peso = 2239.05724 Venezuelan Bolivar
1 Philippine Peso = 431.12608 Vietnam Dong
1 Philippine Peso = 2.04265 Vanuatu Vatu
1 Philippine Peso = 0.04883 Samoa Tala
1 Philippine Peso = 10.52881 CFA Franc (BEAC)
1 Philippine Peso = 0.05051 East Caribbean Dollar
1 Philippine Peso = 10.52881 CFA Franc (BCEAO)
1 Philippine Peso = 1.90591 Pacific Franc
1 Philippine Peso = 4.67265 Yemen Riyal
1 Philippine Peso = 0.24818 South African Rand
1 Philippine Peso = 97.07258 Zambian Kwacha
1 Philippine Peso = 6.76955 Zimbabwe dollar

Fed can puncture global growth all on its own

By Jamie McGeever

LONDON- The world economy was in an unusual position last year, posting “synchronized” growth for the first time since the 2007-09 crisis. But there’s been no synchronized tightening of monetary policy this year, and by going it alone on raising interest rates the Fed risks hastening the end of that cycle.

The divergence between the Fed and other central banks is fostering division at just the wrong time, as the dark clouds of currency and trade wars gather over the world economy.

Higher US borrowing costs and the stronger dollar they deliver are an effective tightening of global financial conditions. Emerging markets, in particular, are vulnerable, and it’s little surprise they have suffered most recently.

The Chinese yuan’s slide is ringing alarm bells, India’s rupee is at a record low, Indonesia’s rupiah is close to 20-year lows, and Chinese and Brazilian equities are in bear markets. In the developed world too, bank stocks are buckling under flattening yield curves and the growth outlook is dimming.

To be sure, the US rate-raising cycle has been and remains glacial, certainly by historical standards. And weaker exchange rates across the developed and emerging world against the dollar will offset the hit to growth from tighter US monetary policy.

The synchronized growth of last year has already started to fray, especially in Europe. So while the Fed is already far further down the road of post-crisis policy normalization than its peers, the gap may be about to widen further.

The IMF noted this week that the Fed should continue raising rates gradually “while being mindful of potential global spillovers”. But heavy US fiscal stimulus “would likely require a faster pace of policy rate increases”.

As Bryan Carter, head of emerging markets fixed income at BNP Paribas Asset Management, points out, any “internationalist” outlook the Fed may have had in recent years has evaporated with the arrival of Jerome Powell as chair.

In his view, the Fed is now less likely to take its foot off the accelerator if emerging markets really start to crumble as a result of US tightening than it might have been under Janet Yellen or Ben Bernanke.

“The Fed itself has become much more introverted and domestically oriented under Powell, and so maybe this time will be different,” Carter said. “That is very worrisome for me.”

The dollar has gained 7 pct in barely three months as the Fed pulls away from the rest of the world. The Bank of Canada and the Bank of England have also raised rates, but neither anywhere near as much as the Fed, while the ECB has effectively said it won’t be raising rates for at least a year.

All three want to end crisis-era stimulus. But they’ll all welcome the growth-supportive lower exchange rates that the US-rest of the world rate divergence is delivering.

Emerging market central banks are in a much trickier position. Governments and companies in these countries borrow heavily in dollars, so a weakening domestic currency increases their debt-servicing costs.

Once it starts, a sliding emerging market currency can be very hard to stop. Capital flight - from international and domestic investors alike - can quicken it, and central banks rarely manage to reverse it.

The examples of central banks across Latin America and Asia burning tens of billions of dollars of FX reserves in a vain attempt to prop up their currencies and stem the flow of cash out the country are too numerous to mention over the last 25 years.

Central banks can track the Fed and raise rates, but that could choke off growth. Or they allow the currency to weaken, running the risk that it spirals out of control and inflation takes off, forcing them to dip into their FX reserves.

It all adds up to a perilous climate for investing. Pointing to the “triple shock” of tightening financial conditions, higher oil prices and risk of a trade war, HSBC strategists reiterated their conviction that bond yields and curves will stay low.

They say the 10-year US Treasury yield will fall to 2.30 pct by year-end from 2.85 pct currently, and the yield curve will flatten to 10 basis points from 30 bps now. To give an idea of how much of an outlier that 10-year yield forecast is, the consensus in the latest Reuters poll is 3.20 pct.

“Over the last six months we have compiled a long list of individual surprises which appear to be more than coincidental,” they wrote on Wednesday.

“When viewed alongside the decoupling of growth paths, tightening US financial conditions and re-pricing of risky assets, we have all the hallmarks of a slow-motion credit crunch.” – Reuters 
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