Efforts To Prevent Peso Slide Likely To Fail

Heightened risk aversion and a weakening growth outlook continue to push the Philippine peso towards important support in the PHP50.00/US$ area, with the unit dropping to PHP49.58/US$ today - its lowest level since December 2006. This came even as the central bank reportedly was actively seeking to halt the currency's declines by selling dollars in the market, underscoring that in spite of the authorities' best efforts, further downside seems likely.

To read the full article, please choose one of the following options: