May 29, 2017, 6:22 am
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1 Philippine Peso = 0.07372 UAE Dirham
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1 Philippine Peso = 0.03568 Neth Antilles Guilder
1 Philippine Peso = 0.32234 Argentine Peso
1 Philippine Peso = 0.02694 Australian Dollar
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1 Philippine Peso = 0.02007 Bermuda Dollar
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1 Philippine Peso = 0.06559 Brazilian Real
1 Philippine Peso = 0.02007 Bahamian Dollar
1 Philippine Peso = 1.29566 Bhutan Ngultrum
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1 Philippine Peso = 0.01796 Euro
1 Philippine Peso = 0.04169 Fiji Dollar
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1 Philippine Peso = 0.01565 British Pound
1 Philippine Peso = 0.08608 Ghanaian Cedi
1 Philippine Peso = 0.90225 Gambian Dalasi
1 Philippine Peso = 182.35648 Guinea Franc
1 Philippine Peso = 0.14716 Guatemala Quetzal
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1 Philippine Peso = 27.19791 Myanmar Kyat
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1 Philippine Peso = 2.07648 Nepalese Rupee
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1 Philippine Peso = 0.00773 Omani Rial
1 Philippine Peso = 0.02007 Panama Balboa
1 Philippine Peso = 0.06543 Peruvian Nuevo Sol
1 Philippine Peso = 0.06377 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
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1 Philippine Peso = 0.0752 Polish Zloty
1 Philippine Peso = 111.54155 Paraguayan Guarani
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1 Philippine Peso = 0.08182 Romanian New Leu
1 Philippine Peso = 1.13952 Russian Rouble
1 Philippine Peso = 16.44902 Rwanda Franc
1 Philippine Peso = 0.07527 Saudi Arabian Riyal
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1 Philippine Peso = 0.26825 Seychelles Rupee
1 Philippine Peso = 0.13368 Sudanese Pound
1 Philippine Peso = 0.17472 Swedish Krona
1 Philippine Peso = 0.02777 Singapore Dollar
1 Philippine Peso = 0.01563 St Helena Pound
1 Philippine Peso = 0.44572 Slovak Koruna
1 Philippine Peso = 150.54195 Sierra Leone Leone
1 Philippine Peso = 11.01967 Somali Shilling
1 Philippine Peso = 440.26096 Sao Tome Dobra
1 Philippine Peso = 0.17507 El Salvador Colon
1 Philippine Peso = 10.33681 Syrian Pound
1 Philippine Peso = 0.25802 Swaziland Lilageni
1 Philippine Peso = 0.68306 Thai Baht
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1 Philippine Peso = 0.04615 Tongan paʻanga
1 Philippine Peso = 0.07172 Turkish Lira
1 Philippine Peso = 0.13487 Trinidad Tobago Dollar
1 Philippine Peso = 0.60472 Taiwan Dollar
1 Philippine Peso = 44.74107 Tanzanian Shilling
1 Philippine Peso = 0.5289 Ukraine Hryvnia
1 Philippine Peso = 72.26014 Ugandan Shilling
1 Philippine Peso = 0.02007 United States Dollar
1 Philippine Peso = 0.56624 Uruguayan New Peso
1 Philippine Peso = 76.29466 Uzbekistan Sum
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1 Philippine Peso = 456.12204 Vietnam Dong
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1 Philippine Peso = 0.05162 Samoa Tala
1 Philippine Peso = 11.77599 CFA Franc (BEAC)
1 Philippine Peso = 0.0542 East Caribbean Dollar
1 Philippine Peso = 11.81574 CFA Franc (BCEAO)
1 Philippine Peso = 2.13228 Pacific Franc
1 Philippine Peso = 5.01706 Yemen Riyal
1 Philippine Peso = 0.25808 South African Rand
1 Philippine Peso = 104.16499 Zambian Kwacha
1 Philippine Peso = 7.26415 Zimbabwe dollar

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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