June 19, 2018, 4:39 am
Facebook iconTwitter iconYouTube iconGoogle+ icon
1 Philippine Peso = 0.06887 UAE Dirham
1 Philippine Peso = 2.01763 Albanian Lek
1 Philippine Peso = 0.03375 Neth Antilles Guilder
1 Philippine Peso = 0.52595 Argentine Peso
1 Philippine Peso = 0.02519 Australian Dollar
1 Philippine Peso = 0.03338 Aruba Florin
1 Philippine Peso = 0.0375 Barbados Dollar
1 Philippine Peso = 1.56891 Bangladesh Taka
1 Philippine Peso = 0.03163 Bulgarian Lev
1 Philippine Peso = 0.00708 Bahraini Dinar
1 Philippine Peso = 32.83293 Burundi Franc
1 Philippine Peso = 0.01875 Bermuda Dollar
1 Philippine Peso = 0.02508 Brunei Dollar
1 Philippine Peso = 0.12845 Bolivian Boliviano
1 Philippine Peso = 0.06994 Brazilian Real
1 Philippine Peso = 0.01875 Bahamian Dollar
1 Philippine Peso = 1.26852 Bhutan Ngultrum
1 Philippine Peso = 0.19282 Botswana Pula
1 Philippine Peso = 375.39846 Belarus Ruble
1 Philippine Peso = 0.03746 Belize Dollar
1 Philippine Peso = 0.02475 Canadian Dollar
1 Philippine Peso = 0.0187 Swiss Franc
1 Philippine Peso = 11.85955 Chilean Peso
1 Philippine Peso = 0.12072 Chinese Yuan
1 Philippine Peso = 54.23964 Colombian Peso
1 Philippine Peso = 10.57585 Costa Rica Colon
1 Philippine Peso = 0.01875 Cuban Peso
1 Philippine Peso = 1.78136 Cape Verde Escudo
1 Philippine Peso = 0.41526 Czech Koruna
1 Philippine Peso = 3.32833 Djibouti Franc
1 Philippine Peso = 0.1203 Danish Krone
1 Philippine Peso = 0.92481 Dominican Peso
1 Philippine Peso = 2.19301 Algerian Dinar
1 Philippine Peso = 0.25282 Estonian Kroon
1 Philippine Peso = 0.33377 Egyptian Pound
1 Philippine Peso = 0.51078 Ethiopian Birr
1 Philippine Peso = 0.01616 Euro
1 Philippine Peso = 0.03862 Fiji Dollar
1 Philippine Peso = 0.01411 Falkland Islands Pound
1 Philippine Peso = 0.01411 British Pound
1 Philippine Peso = 0.08774 Ghanaian Cedi
1 Philippine Peso = 0.8783 Gambian Dalasi
1 Philippine Peso = 168.7418 Guinea Franc
1 Philippine Peso = 0.13756 Guatemala Quetzal
1 Philippine Peso = 3.86799 Guyana Dollar
1 Philippine Peso = 0.14715 Hong Kong Dollar
1 Philippine Peso = 0.44823 Honduras Lempira
1 Philippine Peso = 0.11904 Croatian Kuna
1 Philippine Peso = 1.22745 Haiti Gourde
1 Philippine Peso = 5.20533 Hungarian Forint
1 Philippine Peso = 261.11007 Indonesian Rupiah
1 Philippine Peso = 0.06788 Israeli Shekel
1 Philippine Peso = 1.27862 Indian Rupee
1 Philippine Peso = 22.20139 Iraqi Dinar
1 Philippine Peso = 793.5496 Iran Rial
1 Philippine Peso = 2.01763 Iceland Krona
1 Philippine Peso = 2.42115 Jamaican Dollar
1 Philippine Peso = 0.01329 Jordanian Dinar
1 Philippine Peso = 2.07454 Japanese Yen
1 Philippine Peso = 1.89293 Kenyan Shilling
1 Philippine Peso = 1.28161 Kyrgyzstan Som
1 Philippine Peso = 75.86537 Cambodia Riel
1 Philippine Peso = 7.83274 Comoros Franc
1 Philippine Peso = 16.87605 North Korean Won
1 Philippine Peso = 20.66229 Korean Won
1 Philippine Peso = 0.00567 Kuwaiti Dinar
1 Philippine Peso = 0.01538 Cayman Islands Dollar
1 Philippine Peso = 6.31164 Kazakhstan Tenge
1 Philippine Peso = 157.15357 Lao Kip
1 Philippine Peso = 28.23364 Lebanese Pound
1 Philippine Peso = 2.99081 Sri Lanka Rupee
1 Philippine Peso = 2.62835 Liberian Dollar
1 Philippine Peso = 0.2522 Lesotho Loti
1 Philippine Peso = 0.05717 Lithuanian Lita
1 Philippine Peso = 0.01164 Latvian Lat
1 Philippine Peso = 0.02542 Libyan Dinar
1 Philippine Peso = 0.17853 Moroccan Dirham
1 Philippine Peso = 0.31382 Moldovan Leu
1 Philippine Peso = 0.9715 Macedonian Denar
1 Philippine Peso = 25.27658 Myanmar Kyat
1 Philippine Peso = 45.11532 Mongolian Tugrik
1 Philippine Peso = 0.15157 Macau Pataca
1 Philippine Peso = 6.65667 Mauritania Ougulya
1 Philippine Peso = 0.65479 Mauritius Rupee
1 Philippine Peso = 0.29196 Maldives Rufiyaa
1 Philippine Peso = 13.37802 Malawi Kwacha
1 Philippine Peso = 0.38672 Mexican Peso
1 Philippine Peso = 0.0747 Malaysian Ringgit
1 Philippine Peso = 0.2516 Namibian Dollar
1 Philippine Peso = 6.71292 Nigerian Naira
1 Philippine Peso = 0.58522 Nicaragua Cordoba
1 Philippine Peso = 0.15276 Norwegian Krone
1 Philippine Peso = 2.03846 Nepalese Rupee
1 Philippine Peso = 0.02698 New Zealand Dollar
1 Philippine Peso = 0.00722 Omani Rial
1 Philippine Peso = 0.01875 Panama Balboa
1 Philippine Peso = 0.06144 Peruvian Nuevo Sol
1 Philippine Peso = 0.05887 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.23233 Pakistani Rupee
1 Philippine Peso = 0.06922 Polish Zloty
1 Philippine Peso = 105.94412 Paraguayan Guarani
1 Philippine Peso = 0.06825 Qatar Rial
1 Philippine Peso = 0.07529 Romanian New Leu
1 Philippine Peso = 1.18378 Russian Rouble
1 Philippine Peso = 15.92781 Rwanda Franc
1 Philippine Peso = 0.07032 Saudi Arabian Riyal
1 Philippine Peso = 0.1483 Solomon Islands Dollar
1 Philippine Peso = 0.25162 Seychelles Rupee
1 Philippine Peso = 0.33668 Sudanese Pound
1 Philippine Peso = 0.16475 Swedish Krona
1 Philippine Peso = 0.02532 Singapore Dollar
1 Philippine Peso = 0.01412 St Helena Pound
1 Philippine Peso = 0.41639 Slovak Koruna
1 Philippine Peso = 148.88431 Sierra Leone Leone
1 Philippine Peso = 10.53816 Somali Shilling
1 Philippine Peso = 395.79974 Sao Tome Dobra
1 Philippine Peso = 0.16407 El Salvador Colon
1 Philippine Peso = 9.65648 Syrian Pound
1 Philippine Peso = 0.25162 Swaziland Lilageni
1 Philippine Peso = 0.61204 Thai Baht
1 Philippine Peso = 0.04892 Tunisian Dinar
1 Philippine Peso = 0.04288 Tongan paʻanga
1 Philippine Peso = 0.08861 Turkish Lira
1 Philippine Peso = 0.12572 Trinidad Tobago Dollar
1 Philippine Peso = 0.56497 Taiwan Dollar
1 Philippine Peso = 42.52766 Tanzanian Shilling
1 Philippine Peso = 0.49372 Ukraine Hryvnia
1 Philippine Peso = 71.94825 Ugandan Shilling
1 Philippine Peso = 0.01875 United States Dollar
1 Philippine Peso = 0.59066 Uruguayan New Peso
1 Philippine Peso = 148.13426 Uzbekistan Sum
1 Philippine Peso = 1496.34352 Venezuelan Bolivar
1 Philippine Peso = 427.78924 Vietnam Dong
1 Philippine Peso = 2.02025 Vanuatu Vatu
1 Philippine Peso = 0.04811 Samoa Tala
1 Philippine Peso = 10.58541 CFA Franc (BEAC)
1 Philippine Peso = 0.05063 East Caribbean Dollar
1 Philippine Peso = 10.58541 CFA Franc (BCEAO)
1 Philippine Peso = 1.91656 Pacific Franc
1 Philippine Peso = 4.68498 Yemen Riyal
1 Philippine Peso = 0.25181 South African Rand
1 Philippine Peso = 97.30921 Zambian Kwacha
1 Philippine Peso = 6.78605 Zimbabwe dollar

ANALYSIS; Dollar decline rekindles reserve currency woes

By RICHARD LEONG

NEW YORK- The US dollar’s nosedive over the last year - only exacerbated by the recent threat of trade wars - is rekindling concerns that the greenback’s standing as the premier global reserve currency is at risk, but data compiled by Reuters suggests such fears are overblown.

Moreover, any real threat to its pre-eminent position would take years to materialize given its commanding share of global reserves and a relative paucity of alternatives.

The US dollar index fell 10 percent against a basket of currencies last year, its steepest drop since 2003, on evidence Europe, China and other nations are growing faster than the United States even as the Federal Reserve raised rates three times.

So far this year, it is down nearly 3 percent amid worries about trade tension and foreign central banks’ dialing back of stimulus. It hit a three-plus year low in February.

The greenback weakened since late last week after US President Donald Trump’s surprise announcement to impose tariffs on imported steel and aluminum, stoking fears of an all-out global trade war.

“This administration is not global-trade friendly,” said Sireen Harajli, currency strategist at Mizuho in New York. Trump’s protectionist stance may have a short-term negative impact on the dollar but it may not be an enduring one, she added.

Any real threat to the dollar’s pre-eminent position would take years to materialize given its commanding share of global reserves and a relative paucity of alternatives.

“I would not worry (about) the status of the dollar as the top reserve currency in the next 20 years,” said Jack McIntyre, portfolio manager at Brandywine Global in Philadelphia.

The dollar’s status as the global reserve currency has been called into question since the 1980s with the introduction of the euro and China’s dramatic economic ascent.

The greenback has come under additional pressure in recent months in the wake the Trump administration’s contradictory views on trade.

Back in January, US Treasury Secretary Steven Mnuchin at the World Economic Forum in Davos said, “Obviously a weaker dollar is good for us as it relates to trade and opportunities.” A day later, Trump said he favored a “strong dollar.” 

“I get a sense the dollar is getting increasingly punished for the unpredictability of this administration’s policy-making,” said Omer Eisner, chief market analyst at Commonwealth Foreign Exchange in Washington. “That is a big question for investors despite the favorable (economic) backdrop.”

But is such a fear justified?

There are warning signs: China and Japan, the two largest US creditors, have cooled on owning US government bonds.

China’s State Administration of Foreign Exchange said it has been diversifying its foreign exchange investments. That’s coming just as Uncle Sam is looking to borrow more to finance a growing deficit from a major tax cut and the Federal Reserve is shrinking its balance.

Moreover, the share of allocated reserves that foreign governments hold in dollars as reported to the IMF has been declining in recent quarters, and the Fed’s custody holdings for overseas central banks have been falling.

Last month, China’s FX reserves, the world’s biggest, fell for the first time in 13 months to $3.134 trillion, retreating from the highest level since September 2016 reached in January. Its holding of US Treasuries, in the meantime, has stalled after reaching $1.2 trillion back in August. 

Japan, the second largest owner of US government bonds, said its currency reserves edged up to $1.269 trillion in January, while its Treasuries holdings fell to $1.062 trillion, the lowest since December 2011. 

While total FX reserves have grown, dollar’s share of them fell for a third consecutive quarter in the fall of 2017 to 63.5 percent, its smallest since mid-2014, while the euro’s and sterling’s shares of reserves edge higher, according to data from the International Monetary Fund released in December. 

“It’s more palatable for central banks to move into euro and sterling,” due to their relatively high liquidity, said Paresh Upadhyaya, director of currency at Amundi Pioneer Investments in Boston.

While the dollar’s decline could persist in the foreseeable future, analysts say, its reserve currency status will not likely be in danger unless there are signs of overseas governments dumping Treasuries, a drop in dollar-denominated currency trades, and the dollar index breaking below its all-time low in 2009.

Allocated dollar reserves, reported to the IMF, rose to $6.126 trillion in the third quarter of 2017 from $5.912 trillion the prior quarter.

Average daily FX trading volume in North America last October, a proxy of dollar-based transaction, grew by 7 percent from a year earlier, the New York Federal Reserve’s Foreign Exchange Committee’s semi-annual survey released in January showed.  – Reuters
Category: 
Rating: 
No votes yet