"Asian currencies fell against a broadly stronger dollar on Monday after U.S. consumer price data dampened prospects of further interest rate cuts from the Federal Reserve.
The Philippine peso briefly touched 41.50 per dollar, down about 0.7 percent from Friday's close as investors took profits after the currency's rapid gains in recent weeks.
"The peso is mostly offshore-driven and the market is taking profits from the peso's rapid rises as well," said a Manila-based trader. "But the bias is still to short the dollar."
The peso has gained more than 18 percent versus the dollar this year, making it Asia's top performer, with most of the gains coming in recent months as the dollar succumbed to U.S. housing and credit market woes."
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