Peso falls ahead of Fed chairman’s speech
THE peso weakened against the dollar on Friday on the back of less dovish remarks by the US Federal Reserve ahead of its chairman’s speech.
It closed 1.5 centavos weaker at P52.27 a dollar, also its strongest during the day.
The currency opened at P52.34 a dollar and weakened to as much as P52.37.
Volume fell to $1.21 billion from $1.27 billion the day earlier.
“The peso weakened amid less dovish remarks from Patrick Harker and Esther George and some caution ahead of Fed Chairman Jerome Powell’s Jackson Hole speech tonight,” a trader said by email.
Mr. Powell was set to deliver a speech on Friday night at the Fed’s annual policy retreat in Jackson Hole, Wyoming.
Philadelphia Fed President Patrick Harker was reported to have said he didn’t see a need for another rate cut, while Kansas City Fed President Esther George said the July rate cut was not required.
