May 24, 2017, 2:03 pm
Facebook iconTwitter iconYouTube iconGoogle+ icon
1 Philippine Peso = 0.07381 UAE Dirham
1 Philippine Peso = 2.39851 Albanian Lek
1 Philippine Peso = 0.03597 Neth Antilles Guilder
1 Philippine Peso = 0.32504 Argentine Peso
1 Philippine Peso = 0.02683 Australian Dollar
1 Philippine Peso = 0.03597 Aruba Florin
1 Philippine Peso = 0.04019 Barbados Dollar
1 Philippine Peso = 1.61957 Bangladesh Taka
1 Philippine Peso = 0.03496 Bulgarian Lev
1 Philippine Peso = 0.00756 Bahraini Dinar
1 Philippine Peso = 34.20217 Burundi Franc
1 Philippine Peso = 0.0201 Bermuda Dollar
1 Philippine Peso = 0.02784 Brunei Dollar
1 Philippine Peso = 0.13867 Bolivian Boliviano
1 Philippine Peso = 0.06563 Brazilian Real
1 Philippine Peso = 0.0201 Bahamian Dollar
1 Philippine Peso = 1.30125 Bhutan Ngultrum
1 Philippine Peso = 0.20751 Botswana Pula
1 Philippine Peso = 402.33121 Belarus Ruble
1 Philippine Peso = 0.04015 Belize Dollar
1 Philippine Peso = 0.0271 Canadian Dollar
1 Philippine Peso = 0.01953 Swiss Franc
1 Philippine Peso = 13.47267 Chilean Peso
1 Philippine Peso = 0.13847 Chinese Yuan
1 Philippine Peso = 58.35812 Colombian Peso
1 Philippine Peso = 11.51125 Costa Rica Colon
1 Philippine Peso = 0.0201 Cuban Peso
1 Philippine Peso = 1.96925 Cape Verde Escudo
1 Philippine Peso = 0.47339 Czech Koruna
1 Philippine Peso = 3.57074 Djibouti Franc
1 Philippine Peso = 0.13296 Danish Krone
1 Philippine Peso = 0.94574 Dominican Peso
1 Philippine Peso = 2.17205 Algerian Dinar
1 Philippine Peso = 0.27938 Estonian Kroon
1 Philippine Peso = 0.36314 Egyptian Pound
1 Philippine Peso = 0.46021 Ethiopian Birr
1 Philippine Peso = 0.01786 Euro
1 Philippine Peso = 0.0421 Fiji Dollar
1 Philippine Peso = 0.01545 Falkland Islands Pound
1 Philippine Peso = 0.01546 British Pound
1 Philippine Peso = 0.08669 Ghanaian Cedi
1 Philippine Peso = 0.90334 Gambian Dalasi
1 Philippine Peso = 181.20981 Guinea Franc
1 Philippine Peso = 0.14748 Guatemala Quetzal
1 Philippine Peso = 4.11013 Guyana Dollar
1 Philippine Peso = 0.15644 Hong Kong Dollar
1 Philippine Peso = 0.47082 Honduras Lempira
1 Philippine Peso = 0.13208 Croatian Kuna
1 Philippine Peso = 1.33903 Haiti Gourde
1 Philippine Peso = 5.50744 Hungarian Forint
1 Philippine Peso = 267.16239 Indonesian Rupiah
1 Philippine Peso = 0.0719 Israeli Shekel
1 Philippine Peso = 1.29803 Indian Rupee
1 Philippine Peso = 23.73392 Iraqi Dinar
1 Philippine Peso = 651.98958 Iran Rial
1 Philippine Peso = 2.0008 Iceland Krona
1 Philippine Peso = 2.60008 Jamaican Dollar
1 Philippine Peso = 0.01424 Jordanian Dinar
1 Philippine Peso = 2.23286 Japanese Yen
1 Philippine Peso = 2.07094 Kenyan Shilling
1 Philippine Peso = 1.36441 Kyrgyzstan Som
1 Philippine Peso = 81.2902 Cambodia Riel
1 Philippine Peso = 9.04341 Comoros Franc
1 Philippine Peso = 18.08682 North Korean Won
1 Philippine Peso = 22.44775 Korean Won
1 Philippine Peso = 0.00609 Kuwaiti Dinar
1 Philippine Peso = 0.01648 Cayman Islands Dollar
1 Philippine Peso = 6.24598 Kazakhstan Tenge
1 Philippine Peso = 164.32878 Lao Kip
1 Philippine Peso = 30.27532 Lebanese Pound
1 Philippine Peso = 3.06873 Sri Lanka Rupee
1 Philippine Peso = 1.84887 Liberian Dollar
1 Philippine Peso = 0.26588 Lesotho Loti
1 Philippine Peso = 0.06127 Lithuanian Lita
1 Philippine Peso = 0.01247 Latvian Lat
1 Philippine Peso = 0.02803 Libyan Dinar
1 Philippine Peso = 0.19542 Moroccan Dirham
1 Philippine Peso = 0.36586 Moldovan Leu
1 Philippine Peso = 1.09586 Macedonian Denar
1 Philippine Peso = 27.49196 Myanmar Kyat
1 Philippine Peso = 48.43248 Mongolian Tugrik
1 Philippine Peso = 0.16115 Macau Pataca
1 Philippine Peso = 7.19453 Mauritania Ougulya
1 Philippine Peso = 0.69695 Mauritius Rupee
1 Philippine Peso = 0.3115 Maldives Rufiyaa
1 Philippine Peso = 14.4168 Malawi Kwacha
1 Philippine Peso = 0.37541 Mexican Peso
1 Philippine Peso = 0.08626 Malaysian Ringgit
1 Philippine Peso = 0.26598 Namibian Dollar
1 Philippine Peso = 6.33039 Nigerian Naira
1 Philippine Peso = 0.59385 Nicaragua Cordoba
1 Philippine Peso = 0.16751 Norwegian Krone
1 Philippine Peso = 2.07195 Nepalese Rupee
1 Philippine Peso = 0.02866 New Zealand Dollar
1 Philippine Peso = 0.00773 Omani Rial
1 Philippine Peso = 0.0201 Panama Balboa
1 Philippine Peso = 0.06572 Peruvian Nuevo Sol
1 Philippine Peso = 0.06587 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.10309 Pakistani Rupee
1 Philippine Peso = 0.07495 Polish Zloty
1 Philippine Peso = 111.9996 Paraguayan Guarani
1 Philippine Peso = 0.07317 Qatar Rial
1 Philippine Peso = 0.0813 Romanian New Leu
1 Philippine Peso = 1.13651 Russian Rouble
1 Philippine Peso = 16.46403 Rwanda Franc
1 Philippine Peso = 0.07535 Saudi Arabian Riyal
1 Philippine Peso = 0.15881 Solomon Islands Dollar
1 Philippine Peso = 0.26967 Seychelles Rupee
1 Philippine Peso = 0.13384 Sudanese Pound
1 Philippine Peso = 0.17452 Swedish Krona
1 Philippine Peso = 0.02785 Singapore Dollar
1 Philippine Peso = 0.01546 St Helena Pound
1 Philippine Peso = 0.44626 Slovak Koruna
1 Philippine Peso = 149.31673 Sierra Leone Leone
1 Philippine Peso = 11.03296 Somali Shilling
1 Philippine Peso = 437.5784 Sao Tome Dobra
1 Philippine Peso = 0.17528 El Salvador Colon
1 Philippine Peso = 10.34928 Syrian Pound
1 Philippine Peso = 0.26605 Swaziland Lilageni
1 Philippine Peso = 0.69031 Thai Baht
1 Philippine Peso = 0.04822 Tunisian Dinar
1 Philippine Peso = 0.04643 Tongan paʻanga
1 Philippine Peso = 0.0716 Turkish Lira
1 Philippine Peso = 0.13463 Trinidad Tobago Dollar
1 Philippine Peso = 0.60344 Taiwan Dollar
1 Philippine Peso = 44.81511 Tanzanian Shilling
1 Philippine Peso = 0.52904 Ukraine Hryvnia
1 Philippine Peso = 72.62862 Ugandan Shilling
1 Philippine Peso = 0.0201 United States Dollar
1 Philippine Peso = 0.56692 Uruguayan New Peso
1 Philippine Peso = 76.36656 Uzbekistan Sum
1 Philippine Peso = 0.20045 Venezuelan Bolivar
1 Philippine Peso = 454.6624 Vietnam Dong
1 Philippine Peso = 2.15394 Vanuatu Vatu
1 Philippine Peso = 0.05199 Samoa Tala
1 Philippine Peso = 11.70539 CFA Franc (BEAC)
1 Philippine Peso = 0.05426 East Caribbean Dollar
1 Philippine Peso = 11.75181 CFA Franc (BCEAO)
1 Philippine Peso = 2.11917 Pacific Franc
1 Philippine Peso = 5.02271 Yemen Riyal
1 Philippine Peso = 0.2661 South African Rand
1 Philippine Peso = 104.2906 Zambian Kwacha
1 Philippine Peso = 7.27291 Zimbabwe dollar

Fed rate hikes sould spell end to global easing

SINGAPORE/WASHINGTON- The Federal Reserve’s return to higher interest rates could lend a hand to beleaguered counterparts in Japan and Europe and signal the end of a long cycle of monetary stimulus across Asia, as central banks from Beijing to Ankara to London reacted on Thursday to the U.S. policy change.

The Fed’s widely anticipated and modest rate hike on Wednesday was only its third since the global financial crisis. But it came earlier than investors had expected only weeks ago and it sets the stage for roughly two more hikes this year as the U.S. economy strengthens.

China, the world’s second-largest economy, responded Thursday by raising its key policy rates to head off a weakening of its currency. That same reason prompted central banks in Saudi Arabia, the United Arab Emirates, Kuwait and Bahrain to tighten policies within 90 minutes of the Fed’s announcement.

Among major economies, the Bank of Japan and the European Central Bank remain locked in an aggressive battle against low inflation and growth. And while the pair are nowhere near raising rates or tapering stimulative bond buying - as Governor Haruhiko Kuroda made clear when the BOJ held policy steady on Thursday - the pair has recently begun sounding more optimistic that their time will soon come.

The dollar shot up by about 25 percent in 2014 and 2015 as the U.S. central bank prepared to raise rates from near zero, and it has stayed elevated even while the Fed got off to a slow and halting start to tightening.

While a stronger dollar cuts costs for exporters in Japan and Europe, boosting such economies, it prompts a flight of capital from fragile emerging economies that still need monetary accommodation.

“At the very least, the Fed’s desire to step up the pace of policy normalization has changed the conversation at many central banks globally,” said Sean Callow, an economist with Westpac in Sydney. Further monetary easing among Asian emerging economies, he said, “is now largely seen as only if needed to ‘break the glass’, not a plausible baseline.”

For the BOJ and ECB, however, “the Fed raising rates gives more leeway ... to do the same without it adversely impacting their currency,” said Shehriyar Antia, former senior analyst at the New York Fed and founder of Macro Insight Group in New York.

In a surprise, the Bank of England said one of its policymakers voted this week to raise borrowing costs and some others felt it would not take much for them to follow suit, signaling growing pressure to tighten even while rates were kept low at 0.25 percent.

The Fed’s shadow was also present in Turkey, where a policy rate was tightened on Thursday, and in Finland, where the central bank forecast the Nordic euro zone economy was picking up pace following a decade-long stagnation.

ECB President Mario Draghi, who signaled last week less urgency for more stimulus, would welcome U.S. rate hikes that depress the euro. The central bank is paving the way to a gradual phasing out of accommodation and resisting isolated calls from some members calling for more radical action.

Deutsche Bank economists wrote in a note that the ECB “is slowly shifting toward a less dovish stance, with an announcement of a tapering of (asset purchases) towards zero likely by year end.”

The Fed’s new policy path is a sea change for global markets used to a decade of easy money. And while emerging markets are showing some signs of strength, with a recovery in commodity prices and growth in exports, they are struggling to fire up domestic demand.

But their freedom to fit domestic rates to local demand conditions is constrained by the need to keep hold of the foreign capital that flooded in seeking higher yields when developed world rates were at rock bottom. And they also need to prevent their currencies from tumbling against a rallying dollar.

“Even if domestic conditions warrant a cut, fears about exacerbating financial market volatility will keep central banks cautious,” said Tim Condon, ING’s chief Asia economist. “It definitely complicates life for those central banks that either needed to or wanted to cut rates.”

Bank Indonesia, which had cut rates several times last year to boost economic growth, said on Thursday it was closely monitoring U.S. policy tightening and its effect on the dollar, and that it would keep policy steady for now.

Emerging markets had something of a dress rehearsal for this in 2013 when then Chairman Ben Bernanke hinted that Fed bond-buying would soon slow, comments that triggered a “taper tantrum” of volatility and prompted policymakers in India, Indonesia and elsewhere to defend their currencies with higher rates.

South Korea’s central bank may no longer be able to ease further, even as it wants to avoid unsettling a highly indebted housing sector. Its policy rates are now barely above that of the Fed and if that yield premium narrows too much, a huge amount of foreign money in its bond market could flee.

The Fed’s hike was not the only piece of news that could encourage the world’s central banks to a firmer stance.

Elections in the Netherlands, where the anti-EU party of Geert Wilders won fewer seats than expected, came as a relief to markets, though next month’s presidential election in France is still hanging over the continent, with the far-right Front National candidate Marine Le Pen showing strongly.

Nodding to this risk over the border, the Swiss National Bank kept its ultra-loose policy in place. Its negative rate policy, in place since 2015, is aimed at curbing demand for the currency in a period of destabilizing elections across Europe that could boost anti-establishment parties.

Norway’s central bank also kept its key rate unchanged and maintained an easing bias as inflation pressures there remain subdued. – Reuters 
Rating: 
No votes yet
Twitter icon
Facebook icon
Google icon
LinkedIn icon
Pinterest icon
Reddit icon
Yahoo! icon
e-mail icon

Column of the Day

No place to smoke

By DAHLI ASPILLERA | May 24,2017
143 View(s) 0 Comment(s)
‘Cigarette butts and cigar stubs take several years to degrade, contain many harmful chemicals, pose environmental health risks, and waste public funds for cleanup and disposal.’

Opinion of the Day

Was Duterte telling the truth on the threat of war by Xi Jinping?

By ELLEN TORDESILLAS | May 24, 2017
265 View(s) 0 Comment(s)
‘Even Duterte’s allies in the Senate, including Sen. Richard Gordon, doubted the President’s version of the talks with Xi.’