The Philippine peso sank to a new low while stocks approached a key support level after the Bangko Sentral ng Pilipinas (BSP) delivered a 50 basis point rate hike on Thursday, which was widely expected but unlikely to significantly reverse volatile foreign exchange movements. The peso's continue erosion to 58.49:$1 on Thursday underscored looming risks. The slide also came a day after the US Federal Reserve announced another large interest rate hike of 0.75 percentage point (ppt). The benchmark Philippine Stock Exchange Index (PSEi) fell 0.63 percent, or 39.98 points, to 6,301.71 while the broader All Shares index shed 0.86 percent, or 29.28 points, to 3,356.24. Central banks ar...
Keep on reading: Peso slides to new low; stocks drop as investors take in Fed, BSP rate hikes
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Keep on reading: Peso slides to new low; stocks drop as investors take in Fed, BSP rate hikes
from INQUIRER.net https://ift.tt/4lJSG3w
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