Rates Are Up!

[Snowy79]

16 hours ago, OnMyWay said:

In case you missed it, the dollar / peso rate has been surging.  After being under 48 for the first half of June, it is 49.12 on XE this weekend.  We drove by Villarica and their weekend rate was 48.90.

I read that some economic news was weakening the peso.

Rising oil prices and good old Covid. America is slowly opening up whilst the Philippines are treading water. 

[GeoffH]

5 hours ago, Snowy79 said:

Rising oil prices and good old Covid. America is slowly opening up whilst the Philippines are treading water. 

The vaccination rate in America is way higher than in the Philippines and vaccination is the way for for countries to open back up again.

[OnMyWay]

Still zooming.  XE is 49.76 right now and Villarica is giving 49.73.

[Snowy79]

The Peso certainly isn't looking good. Between Covid and a major election coming up and maybe some nation that lent a lot of money wanting payback I can only see it losing more value.

[OnMyWay]

Over 50 now

[insite]

Hopefully more to come ........ https://longforecast.com/usd-to-php-today-forecast

Edited July 12, 2021 by insite
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[OnMyWay]

50.84 on XE right now

[Old55]

What have you all heard about this and what do you think? 

 

BSP urged to probe possible currency ‘flash crash’ 

By JOAHNA LEI CASILAO, GMA News 

Published July 20, 2021 9:46pm

The Bangko Sentral ng Pilipinas (BSP) should look into a "possible flash crash" observed on July 20 when the Philippine peso-US dollar rate dropped from P50.54 to as low as P42.82 to a dollar.

“Foreign exchange trading platforms have always been sources of volatility, but when these sudden crashes take place without explanation, and different market makers yield wildly different rates, that could be a problem for Philippine trade and the credibility of the PHP as a currency,” Salceda said.

The House Ways and Means chairperson said that such spikes may be bad for exporters, who are still reeling from closures or business disruption due to the COVID-19 pandemic.

“It was probably human error, but I’m not discounting the possibility that somebody bought an obscene amount of pesos with US currency,” Salceda said.

“We want to watch out for events like this because we are a very foreign currency-dependent country, given our large OFW community. You don’t want wild gyrations like this, especially based on faulty information, human error or technical issues,” he added.

According to Salceda, traditional sources of foreign exchange data such as Tullett Prebon Electronic And Voice Interdealer Broker showed that USD to PHP trading rates ranged between P50.47 to P50.99.

“Reuters’s Currency Rates, which the Bangko Sentral uses, also showed no such real-time spike in the value of the peso,” Salceda said.

“Even Bloomberg showed no signs of the PHP’s spike, but there are reports that some retail traders were indeed able to buy and sell dollars at the rates as low as P42.83, which would be the all-year low,” he added.—LDF, GMA News

[Dave Hounddriver]

2 hours ago, Old55 said:

What have you all heard about this and what do you think? 

I never heard of it before but its charted by the major exchanges.

Very rare to see such a drop.

 

[Old55]

"Someone" played the system?

The story was on the Duma Facebook group.