Peso seen breaching 56:$1 | Inquirer Business
Close  

Peso seen breaching 56:$1

The Philippine peso may continue depreciating over the next 12 months to break through the 56:$1 level. This as the US dollar is seen maintaining its strength against other currencies as authorities jack up interest rates further to bring down inflation in the United States.HSBC forecasts that the peso will average at 55.50:$1 in the third quarter of 2022 and 56:$1 in the fourth quarter.

From there, HSBC expects the local currency to continue to weaken to average at 56.20:$1 in the first quarter of 2023 and 56.50:$1 in the second quarter.

ADVERTISEMENT

Janet Henry, HSBC’s chief global economist, said central banks around the world have “a serious inflation fight on their hands and they are unlikely to let up.”

ING Bank, meanwhile, said the drivers of a US dollar uptrend seen in the first semester of 2022 were expected to prevail over the rest of this year. INQ

FEATURED STORIES

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Business, Peso
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2022 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.