Peso rally revs up on Fed minutes

 

The peso continued to rally against the greenback on Thursday, after the Federal Reserve signaled a gradual interest rate increase in the world's largest economy.

A dollar bought P46.100 at the close of trading, down 10 centavos from 46.200 on Wednesday.
 
“The Philippine peso appreciated as the US dollar weakened after last night’s release of the Federal Reserve’s minutes of the March 15 to 16 policy meeting,” Cherica Vicente, research analyst at MetisEtrade, said in an emailed commentary.
 
The minutes suggested that the Fed was unlikely to raise its interest rates before June, according to a report by Reuters. 

“The minutes confirmed that some Fed officials are concerned that external risks will hinder US economic growth... The release sent a signal to be less bullish on the US, which is why the dollar softened against most of its peers,” Vicente said. – Jon Viktor Cabuenas/VDS, GMA News