June 25, 2018, 3:42 pm
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1 Philippine Peso = 0.06901 UAE Dirham
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1 Philippine Peso = 0.03401 Neth Antilles Guilder
1 Philippine Peso = 0.5072 Argentine Peso
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1 Philippine Peso = 0.07111 Brazilian Real
1 Philippine Peso = 0.01879 Bahamian Dollar
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1 Philippine Peso = 0.01612 Euro
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1 Philippine Peso = 0.01416 Falkland Islands Pound
1 Philippine Peso = 0.01417 British Pound
1 Philippine Peso = 0.08979 Ghanaian Cedi
1 Philippine Peso = 0.87956 Gambian Dalasi
1 Philippine Peso = 169.07178 Guinea Franc
1 Philippine Peso = 0.14072 Guatemala Quetzal
1 Philippine Peso = 3.87599 Guyana Dollar
1 Philippine Peso = 0.14741 Hong Kong Dollar
1 Philippine Peso = 0.44878 Honduras Lempira
1 Philippine Peso = 0.11882 Croatian Kuna
1 Philippine Peso = 1.24803 Haiti Gourde
1 Philippine Peso = 5.23224 Hungarian Forint
1 Philippine Peso = 264.43067 Indonesian Rupiah
1 Philippine Peso = 0.06764 Israeli Shekel
1 Philippine Peso = 1.27568 Indian Rupee
1 Philippine Peso = 22.24728 Iraqi Dinar
1 Philippine Peso = 798.38407 Iran Rial
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1 Philippine Peso = 2.45509 Jamaican Dollar
1 Philippine Peso = 0.01333 Jordanian Dinar
1 Philippine Peso = 2.06417 Japanese Yen
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1 Philippine Peso = 1.28183 Kyrgyzstan Som
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1 Philippine Peso = 16.91094 North Korean Won
1 Philippine Peso = 20.86622 Korean Won
1 Philippine Peso = 0.00568 Kuwaiti Dinar
1 Philippine Peso = 0.01541 Cayman Islands Dollar
1 Philippine Peso = 6.38595 Kazakhstan Tenge
1 Philippine Peso = 158.00451 Lao Kip
1 Philippine Peso = 28.292 Lebanese Pound
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1 Philippine Peso = 2.74709 Liberian Dollar
1 Philippine Peso = 0.25254 Lesotho Loti
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1 Philippine Peso = 0.01166 Latvian Lat
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1 Philippine Peso = 0.1786 Moroccan Dirham
1 Philippine Peso = 0.3177 Moldovan Leu
1 Philippine Peso = 0.98891 Macedonian Denar
1 Philippine Peso = 25.98647 Myanmar Kyat
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1 Philippine Peso = 0.15183 Macau Pataca
1 Philippine Peso = 6.67042 Mauritania Ougulya
1 Philippine Peso = 0.65295 Mauritius Rupee
1 Philippine Peso = 0.29256 Maldives Rufiyaa
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1 Philippine Peso = 0.37584 Mexican Peso
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1 Philippine Peso = 0.25239 Namibian Dollar
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1 Philippine Peso = 0.59207 Nicaragua Cordoba
1 Philippine Peso = 0.15205 Norwegian Krone
1 Philippine Peso = 2.03401 Nepalese Rupee
1 Philippine Peso = 0.02719 New Zealand Dollar
1 Philippine Peso = 0.00723 Omani Rial
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1 Philippine Peso = 0.06134 Peruvian Nuevo Sol
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1 Philippine Peso = 1 Philippine Peso
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1 Philippine Peso = 0.06966 Polish Zloty
1 Philippine Peso = 106.55769 Paraguayan Guarani
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1 Philippine Peso = 1.18236 Russian Rouble
1 Philippine Peso = 15.96073 Rwanda Franc
1 Philippine Peso = 0.07046 Saudi Arabian Riyal
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1 Philippine Peso = 0.25235 Seychelles Rupee
1 Philippine Peso = 0.33738 Sudanese Pound
1 Philippine Peso = 0.16635 Swedish Krona
1 Philippine Peso = 0.02551 Singapore Dollar
1 Philippine Peso = 0.01417 St Helena Pound
1 Philippine Peso = 0.41725 Slovak Koruna
1 Philippine Peso = 149.94363 Sierra Leone Leone
1 Philippine Peso = 10.72905 Somali Shilling
1 Philippine Peso = 394.98309 Sao Tome Dobra
1 Philippine Peso = 0.16441 El Salvador Colon
1 Philippine Peso = 9.67644 Syrian Pound
1 Philippine Peso = 0.25202 Swaziland Lilageni
1 Philippine Peso = 0.61856 Thai Baht
1 Philippine Peso = 0.04882 Tunisian Dinar
1 Philippine Peso = 0.04333 Tongan paʻanga
1 Philippine Peso = 0.08786 Turkish Lira
1 Philippine Peso = 0.12682 Trinidad Tobago Dollar
1 Philippine Peso = 0.56924 Taiwan Dollar
1 Philippine Peso = 42.63435 Tanzanian Shilling
1 Philippine Peso = 0.49267 Ukraine Hryvnia
1 Philippine Peso = 72.51597 Ugandan Shilling
1 Philippine Peso = 0.01879 United States Dollar
1 Philippine Peso = 0.59451 Uruguayan New Peso
1 Philippine Peso = 147.50094 Uzbekistan Sum
1 Philippine Peso = 1499.4363 Venezuelan Bolivar
1 Philippine Peso = 430.10147 Vietnam Dong
1 Philippine Peso = 2.07159 Vanuatu Vatu
1 Philippine Peso = 0.0488 Samoa Tala
1 Philippine Peso = 10.56614 CFA Franc (BEAC)
1 Philippine Peso = 0.05073 East Caribbean Dollar
1 Philippine Peso = 10.56614 CFA Franc (BCEAO)
1 Philippine Peso = 1.92165 Pacific Franc
1 Philippine Peso = 4.69466 Yemen Riyal
1 Philippine Peso = 0.25241 South African Rand
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Fed rate hikes sould spell end to global easing

SINGAPORE/WASHINGTON- The Federal Reserve’s return to higher interest rates could lend a hand to beleaguered counterparts in Japan and Europe and signal the end of a long cycle of monetary stimulus across Asia, as central banks from Beijing to Ankara to London reacted on Thursday to the U.S. policy change.

The Fed’s widely anticipated and modest rate hike on Wednesday was only its third since the global financial crisis. But it came earlier than investors had expected only weeks ago and it sets the stage for roughly two more hikes this year as the U.S. economy strengthens.

China, the world’s second-largest economy, responded Thursday by raising its key policy rates to head off a weakening of its currency. That same reason prompted central banks in Saudi Arabia, the United Arab Emirates, Kuwait and Bahrain to tighten policies within 90 minutes of the Fed’s announcement.

Among major economies, the Bank of Japan and the European Central Bank remain locked in an aggressive battle against low inflation and growth. And while the pair are nowhere near raising rates or tapering stimulative bond buying - as Governor Haruhiko Kuroda made clear when the BOJ held policy steady on Thursday - the pair has recently begun sounding more optimistic that their time will soon come.

The dollar shot up by about 25 percent in 2014 and 2015 as the U.S. central bank prepared to raise rates from near zero, and it has stayed elevated even while the Fed got off to a slow and halting start to tightening.

While a stronger dollar cuts costs for exporters in Japan and Europe, boosting such economies, it prompts a flight of capital from fragile emerging economies that still need monetary accommodation.

“At the very least, the Fed’s desire to step up the pace of policy normalization has changed the conversation at many central banks globally,” said Sean Callow, an economist with Westpac in Sydney. Further monetary easing among Asian emerging economies, he said, “is now largely seen as only if needed to ‘break the glass’, not a plausible baseline.”

For the BOJ and ECB, however, “the Fed raising rates gives more leeway ... to do the same without it adversely impacting their currency,” said Shehriyar Antia, former senior analyst at the New York Fed and founder of Macro Insight Group in New York.

In a surprise, the Bank of England said one of its policymakers voted this week to raise borrowing costs and some others felt it would not take much for them to follow suit, signaling growing pressure to tighten even while rates were kept low at 0.25 percent.

The Fed’s shadow was also present in Turkey, where a policy rate was tightened on Thursday, and in Finland, where the central bank forecast the Nordic euro zone economy was picking up pace following a decade-long stagnation.

ECB President Mario Draghi, who signaled last week less urgency for more stimulus, would welcome U.S. rate hikes that depress the euro. The central bank is paving the way to a gradual phasing out of accommodation and resisting isolated calls from some members calling for more radical action.

Deutsche Bank economists wrote in a note that the ECB “is slowly shifting toward a less dovish stance, with an announcement of a tapering of (asset purchases) towards zero likely by year end.”

The Fed’s new policy path is a sea change for global markets used to a decade of easy money. And while emerging markets are showing some signs of strength, with a recovery in commodity prices and growth in exports, they are struggling to fire up domestic demand.

But their freedom to fit domestic rates to local demand conditions is constrained by the need to keep hold of the foreign capital that flooded in seeking higher yields when developed world rates were at rock bottom. And they also need to prevent their currencies from tumbling against a rallying dollar.

“Even if domestic conditions warrant a cut, fears about exacerbating financial market volatility will keep central banks cautious,” said Tim Condon, ING’s chief Asia economist. “It definitely complicates life for those central banks that either needed to or wanted to cut rates.”

Bank Indonesia, which had cut rates several times last year to boost economic growth, said on Thursday it was closely monitoring U.S. policy tightening and its effect on the dollar, and that it would keep policy steady for now.

Emerging markets had something of a dress rehearsal for this in 2013 when then Chairman Ben Bernanke hinted that Fed bond-buying would soon slow, comments that triggered a “taper tantrum” of volatility and prompted policymakers in India, Indonesia and elsewhere to defend their currencies with higher rates.

South Korea’s central bank may no longer be able to ease further, even as it wants to avoid unsettling a highly indebted housing sector. Its policy rates are now barely above that of the Fed and if that yield premium narrows too much, a huge amount of foreign money in its bond market could flee.

The Fed’s hike was not the only piece of news that could encourage the world’s central banks to a firmer stance.

Elections in the Netherlands, where the anti-EU party of Geert Wilders won fewer seats than expected, came as a relief to markets, though next month’s presidential election in France is still hanging over the continent, with the far-right Front National candidate Marine Le Pen showing strongly.

Nodding to this risk over the border, the Swiss National Bank kept its ultra-loose policy in place. Its negative rate policy, in place since 2015, is aimed at curbing demand for the currency in a period of destabilizing elections across Europe that could boost anti-establishment parties.

Norway’s central bank also kept its key rate unchanged and maintained an easing bias as inflation pressures there remain subdued. – Reuters 
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