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Dollar edges up amid speculation about US economy

The Philippines prepaid more foreign debts in 2013 than the year before, thus causing its outstanding obligations to non-Filipino creditors to decline. AP FILE PHOTO

The dollar edged up on Monday as trading remained cautious amid speculation about the timing of an end to massive US stimulus plans.

Posted: September 2nd, 2013 in Latest Business Stories | Read More »

Dollar softens in Asia after weak Japan GDP

AP FILE PHOTO

The dollar retreated Monday morning as investor spirits were deflated by weaker-than-expected Japanese growth data, with markets now looking to key US economic figures this week.

Posted: August 12th, 2013 in Latest Business Stories | Read More »

Forex reserves rose to $82.9B in July

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AFP FILE PHOTO

The country’s foreign exchange reserves inched up in July due to the aggressive buying of dollars by the central bank to control fluctuations in the peso’s value.

Posted: August 8th, 2013 in Editor's Pick,Headlines | Read More »

Dollar firms in Asia after upbeat US data

AFP FILE PHOTO

The dollar firmed in Asian trade on Friday after data showed manufacturing activity beat expectations and rose to its highest level in two years.

Posted: August 2nd, 2013 in Latest Business Stories | Read More »

Sustained dollar inflows seen

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The Philippines is expected to continue enjoying a substantial inflow of dollars, with the balance of payments (BOP) seen staying in a surplus at least for the next three years.

Posted: February 14th, 2013 in Headlines | Read More »

BSP eyes measures to curb peso climb

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FILE PHOTO

The Bangko Sentral ng Pilipinas said 2013 could be a challenging year as far as preventing an even steeper appreciation of the peso was concerned, noting that a potential investment grade credit-rating for the country could drive more foreign portfolio investments.

Posted: December 23rd, 2012 in Editor's Pick,Headlines | Read More »

Should I convert my dollars to stocks?

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QUESTION: The stock market has been performing quite well lately and I feel like I am losing a lot of opportunities to make money by keeping my savings in a dollar account. I want to sell my dollars right now but I might incur some losses because I bought them at a higher rate. What should I do? —RA Castillo by email.

Posted: October 18th, 2012 in Headlines | Read More »

Euro bounces higher against the dollar

FILE PHOTO

The euro rose on Tuesday amid hopes of more spending from the US Federal Reserve and after a solid, if expensive bond auction for Spain.

Posted: June 20th, 2012 in Latest Business Stories | Read More »

Dollar rises after Spain’s borrowing costs surge

The surplus in the country’s balance of payments surged by nearly five times in November from a year ago, as optimism on the economy drove up investment inflows. AP FILE PHOTO

NEW YORK – The dollar surged against the euro Monday as Spain’s borrowing costs hit a record high and Greece’s election failed to ease fears about eurozone debt crisis contagion.

The euro traded at $1.2571 around 2100 GMT, down from $1.2644 at the same time last Friday.
Against the Japanese currency, the euro was stable, fetching 99.45 yen compared with 99.47 yen late Friday.

The dollar firmed to 79.11 yen from 78.67 yen Friday.

Investors’ optimism fuelled by Greece’s election Sunday giving a narrow edge to pro-bailout supporter faded quickly, helped along by a jump in Spain’s borrowing costs to a fresh record high.

“A relatively uneventful day in North American trade created all the reasons investors needed to sell off risky assets today,” said Neal Gilbert at FX360.com.

“Evidently the euphoria that was generated upon the election of the pro-bailout/pro-euro New Democracy party in Greece wasn’t enough to keep traders satisfied,” he said.

The yield on the Spanish 10-year bond exceeded 7.0 percent, reaching its highest level since the birth of the euro in 1999.

Markets were worrying that Spain could be the next eurozone country to require an international bailout, after Greece, Ireland and Portugal.

“The dollar rebounded and sentiment moved lower as Greece’s New Democracy party, led by Antonis Samaras, attempts to form a coalition for the second time in two months and as Spanish government bond yields advanced sharply to new records,” said Eric Viloria at Forex.com.

“Comments from German Chancellor Merkel weighed on the euro as she indicated that there will be no leeway on Greece’s commitments and it must stick with its current program.”

Germany’s Chancellor Angela Merkel said Monday the new Greek government to be formed after this week’s election must live up to Athens’s undertakings under the EU and IMF-led bailout program.

“Elections cannot call into question the commitments Greece made. We cannot compromise on the reform steps we agreed on,” Merkel told reporters in the Mexican resort of Los Cabos just before the opening of a Group of 20 summit of the leaders of the world’s most powerful economies.

Meanwhile, traders were awaiting the start of the US Federal Reserve’s two-day policy meeting Tuesday. Economists were divided over whether the central bank would announce additional stimulus for the sluggish US economy.

The dollar climbed against other major currencies since late Friday. It rose to 0.9551 Swiss francs from 0.9496 francs, and gained ground against the British pound, which fell to $1.5665 from $1.5714.

Posted: June 19th, 2012 in Latest Business Stories,Photos & Videos | Read More »

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