Peso falls to 57 level as dollar gains on bets of less dovish Fed
Argentina’s government estimates there are about $200 billion so-called “mattress dollars” out there — five times the reserves of the Central Bank. (Photo by LUIS ROBAYO / AFP)
Updated at 4:32 pm on July 16, 2025
MANILA, Philippines — The peso depreciated to the 57:$1 level on Wednesday, as the greenback gained strength after higher US inflation dampened expectations of US Federal Reserve cuts.
The local currency ended the session at 57.085 against the greenback, losing 35.5 centavos from the previous closing rate of 56.73:$1.
Latest US inflation data showed that US President Donald Trump’s tariffs may have started to put an upward pressure on consumer prices, which may delay the next rate cuts of the Fed.
The US consumer price index quickened to 2.7 percent from a year ago in June, climbing from 2.4 percent in May as energy costs spiked. /dda
READ: US consumer inflation accelerates as tariff effects creep in
Forex closing July 16, 2025
