July 24, 2017, 10:48 am
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1 Philippine Peso = 0.07443 UAE Dirham
1 Philippine Peso = 2.4017 Albanian Lek
1 Philippine Peso = 0.03628 Neth Antilles Guilder
1 Philippine Peso = 0.32436 Argentine Peso
1 Philippine Peso = 0.02723 Australian Dollar
1 Philippine Peso = 0.03626 Aruba Florin
1 Philippine Peso = 0.04054 Barbados Dollar
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1 Philippine Peso = 34.60377 Burundi Franc
1 Philippine Peso = 0.02027 Bermuda Dollar
1 Philippine Peso = 0.02797 Brunei Dollar
1 Philippine Peso = 0.13904 Bolivian Boliviano
1 Philippine Peso = 0.06579 Brazilian Real
1 Philippine Peso = 0.02027 Bahamian Dollar
1 Philippine Peso = 1.30624 Bhutan Ngultrum
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1 Philippine Peso = 0.01797 Euro
1 Philippine Peso = 0.04244 Fiji Dollar
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1 Philippine Peso = 0.01572 British Pound
1 Philippine Peso = 0.08685 Ghanaian Cedi
1 Philippine Peso = 0.91021 Gambian Dalasi
1 Philippine Peso = 182.75233 Guinea Franc
1 Philippine Peso = 0.1491 Guatemala Quetzal
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1 Philippine Peso = 0.15784 Hong Kong Dollar
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1 Philippine Peso = 27.52331 Myanmar Kyat
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1 Philippine Peso = 2.08654 Nepalese Rupee
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1 Philippine Peso = 0.02027 Panama Balboa
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1 Philippine Peso = 1 Philippine Peso
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1 Philippine Peso = 0.0753 Polish Zloty
1 Philippine Peso = 112.82935 Paraguayan Guarani
1 Philippine Peso = 0.0738 Qatar Rial
1 Philippine Peso = 0.08196 Romanian New Leu
1 Philippine Peso = 1.14766 Russian Rouble
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1 Philippine Peso = 0.076 Saudi Arabian Riyal
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1 Philippine Peso = 0.26836 Seychelles Rupee
1 Philippine Peso = 0.13498 Sudanese Pound
1 Philippine Peso = 0.17451 Swedish Krona
1 Philippine Peso = 0.02797 Singapore Dollar
1 Philippine Peso = 0.01573 St Helena Pound
1 Philippine Peso = 0.45006 Slovak Koruna
1 Philippine Peso = 152.00649 Sierra Leone Leone
1 Philippine Peso = 11.08634 Somali Shilling
1 Philippine Peso = 435.85326 Sao Tome Dobra
1 Philippine Peso = 0.17678 El Salvador Colon
1 Philippine Peso = 10.43737 Syrian Pound
1 Philippine Peso = 0.26014 Swaziland Lilageni
1 Philippine Peso = 0.6897 Thai Baht
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1 Philippine Peso = 0.04647 Tongan paʻanga
1 Philippine Peso = 0.0711 Turkish Lira
1 Philippine Peso = 0.13537 Trinidad Tobago Dollar
1 Philippine Peso = 0.61011 Taiwan Dollar
1 Philippine Peso = 45.17633 Tanzanian Shilling
1 Philippine Peso = 0.53223 Ukraine Hryvnia
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1 Philippine Peso = 0.02027 United States Dollar
1 Philippine Peso = 0.57377 Uruguayan New Peso
1 Philippine Peso = 77.82732 Uzbekistan Sum
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1 Philippine Peso = 459.54601 Vietnam Dong
1 Philippine Peso = 2.18241 Vanuatu Vatu
1 Philippine Peso = 0.05201 Samoa Tala
1 Philippine Peso = 11.77483 CFA Franc (BEAC)
1 Philippine Peso = 0.05472 East Caribbean Dollar
1 Philippine Peso = 11.82205 CFA Franc (BCEAO)
1 Philippine Peso = 2.13174 Pacific Franc
1 Philippine Peso = 5.06546 Yemen Riyal
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Fed should doubt both Trump’s reach, grasp

By James Saft

After the rest of the world underestimated Donald Trump’s chances, the Federal Reserve now risks crediting the next president with too much power.

Reacting in substantial part to what it anticipates will be stimulative policies by the incoming administration, minutes from the Fed’s December policy meeting, released on Wednesday, pointed to a faster and steeper pace of interest rate hikes.

Trump, it would seem, is capable of what the combined might of the world’s central banks has been unable to do: stoke inflation. A highly skeptical view is in order, both of his reach and his grasp.

The minutes paint a picture of a more hawkish Fed than Janet Yellen portrayed in her remarks following December’s 25 basis-point hike.

“There are a number of warning balloons sent up that go beyond Yellen’s press conference comments. The key shift in (the Fed’s) thinking is that fiscal stimulus changes the meaning of ‘gradual’, changes the definition of easy/tight financial conditions, and changes equilibrium values for rates,” Steven Englander, economist at Citigroup, said in a note to clients.

While the minutes make many nods to the multiple uncertainties in the situation, it’s worth noting that “a couple” of participants expressed concern that the Fed’s signaling of a gradual firming may be taken as a “commitment to only one or two rate hikes per year”.

Several of the discussants said a steepening path of rate hikes might also raise the issue of what the Fed does with the money it gets as bonds in its portfolio mature and are paid back. That mention of balance-sheet management is the first of its kind.

“Many participants judged that the risk of a sizable undershooting of the longer-run normal unemployment rate had increased somewhat and that the Committee might need to raise the federal funds rate more quickly than currently anticipated to limit the degree of undershooting and stem a potential buildup of inflationary pressures,” the minutes said.

The Fed is rolling up its sleeves and preparing to get out in front of an expansion spurred by fiscal policy. A “sizable undershooting” on unemployment, if it happens, would constitute an outright failure by a central bank unless, of course, the rules have changed.

They likely have not, and surely won’t for a president making the kinds of noises about tariffs that Trump is, at least as the Fed is currently constituted.

After the shock of his election it is only natural that people, in the markets and in the Fed, will take Trump’s bombast a bit too seriously. That’s not to say that he won’t try to do what he says but a much higher discount than normal should be applied both to his intentions and his power.

Here is a bit of context, courtesy of David Rosenberg, economist at Gluskin Sheff: the core goods group of the consumer price index will likely turn in its tenth straight month of year-on-year decline when December’s figures come out.

“It will be interesting to see how Trump on his own is going to pull the inflation rabbit out of the hat - how he will do what seven years of large-scale money supply growth from Bernanke and then Yellen could not,” Rosenberg wrote to clients.

“So the markets seem to think that Trump will manage to bully his way to get what he wants, but history tells us that even the most effective presidents don’t get more than 60 percent of the campaign planks through.”

Getting Congress to go along with corporate tax cuts and stimulus spending which will take debt-to-GDP above 100 percent is a difficult task. And if we’ve learned anything in this past eight years it is that expanding debt has, above a certain level, diminishing returns on economic growth. Trump can’t change that.

If we discount the likelihood of expansionary fiscal policy then we’re left with the parts of the Trump manifesto which tend to cause inflation but stifle growth: immigration controls and tariffs. – Reuters 
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