The Philippine Peso slipped on Friday amid caution ahead of the central bankers' gathering in Jackson Hole, Wyoming where Federal Reserve Chair Janet Yellen and European Central Bank (ECB) President Mario Draghi are expected to give speeches. The local currency shed 8 centavos to close at P51.08:$1 from 51.00 on Thursday. "Markets are waiting for clear directions from these central bankers," Union Bank of the Philippines chief economist Ruben Carlo Asuncion told GMA News Online. According to a report on Reuters, the dollar strengthened as attention shifted to the central bankers' symposium in Jackson Hole at which Yellen and Draghi are due to speak on Friday. Their speeches will be scrutinized for hints on the path of monetary policy, but neither of them is expected to give fresh guidance. "Big issue is the Fed balance sheet unwinding and how the Fed will execute it," Asuncion said. Week-on-week, the local unit gained 41 centavos from P51.490:$1 on August 18. Year-to-date, it lost P1.36 centavos from 49.720 on December 29, the last trading day of 2016. ? VDS, GMA News
08-26-2017, 10:41 PM
Peso slips ahead of Yellen, Draghi speeches
The Philippine Peso slipped on Friday amid caution ahead of the central bankers' gathering in Jackson Hole, Wyoming where Federal Reserve Chair Janet Yellen and European Central Bank (ECB) President Mario Draghi are expected to give speeches. The local currency shed 8 centavos to close at P51.08:$1 from 51.00 on Thursday. "Markets are waiting for clear directions from these central bankers," Union Bank of the Philippines chief economist Ruben Carlo Asuncion told GMA News Online. According to a report on Reuters, the dollar strengthened as attention shifted to the central bankers' symposium in Jackson Hole at which Yellen and Draghi are due to speak on Friday. Their speeches will be scrutinized for hints on the path of monetary policy, but neither of them is expected to give fresh guidance. "Big issue is the Fed balance sheet unwinding and how the Fed will execute it," Asuncion said. Week-on-week, the local unit gained 41 centavos from P51.490:$1 on August 18. Year-to-date, it lost P1.36 centavos from 49.720 on December 29, the last trading day of 2016. ? VDS, GMA News
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