BusinessWorld Online
Peso surges as Fed cuts rates amid COVID-19 fears
The Philippine peso strengthened by 13.9 centavos against the US dollar, closing at P50.551:$1.
This surge was influenced by a surprise 50 basis point interest rate cut from the US Federal Reserve aimed at mitigating the economic effects of COVID-19.
Additionally, dovish signals from the Bangko Sentral ng Pilipinas (BSP) regarding its readiness to boost market confidence contributed to the peso's strength.
The trading volume for dollars decreased to $1.187 billion.
Analysts attribute the peso's appreciation to the Federal Reserve's action and the BSP's supportive remarks.
Topics in this story
Explore more stories about these topics.
🤖
This story was generated by AI to help you understand the key points. For more detailed coverage, please see the news articles from trusted media outlets below.
News Sources
See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.
The Philippine peso weakened against the US dollar, closing at P50.97 from Thursday's P50.815, due to growing global concerns over the coronavirus disease (Covid-19).
Read more →
Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno indicated that an additional interest rate cut of more than 25 basis points (bps) is possible due to the global spread of COVID-19.
+1
Read more →
J.P. Morgan and Philippine National Bank (PNB) now anticipate the Bangko Sentral ng Pilipinas (BSP) will implement an additional 50 basis points (bps) rate cut this year to mitigate the economic impact of the coronavirus (Covid-19) outbreak.
Read more →
The Bangko Sentral ng Pilipinas (BSP) is prepared to implement measures, including further interest rate cuts, to safeguard the Philippine economy if the COVID-19 outbreak persists and negatively impacts growth.
Read more →
The Philippine Stock Exchange index (PSEi) recovered on Thursday, gaining 0.26 percent to close at 6,884.77 points.
Read more →