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Peso surges as markets eye Fed rate cuts
Business World Philippines
|July 01, 2025
THE PESO surged on Monday as the dollar fell on dovish US Federal Reserve bets.
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The local unit closed at P56.33 per dollar on Monday, strengthening by 24 centavos from its P56.57 finish on Friday, Bankers Association of the Philippines data showed.
This was the peso’s best finish in over two weeks or since it closed at P56.21 against the dollar on June 13
The peso opened Monday’s session slightly stronger at P56.54 against the dollar, which was already its intraday low. It climbed to as high as P56.25 versus the greenback during the session.
Dollars traded rose to $1.82 billion on Monday from $1.57 billion on Friday.
“The dollar-peso closed lower on renewed dovish Fed bets after the release of US PCE (personal consumption expenditures) data last Friday,” a trader said by phone interview.
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