Peso retreats against the dollar on hawkish comments from Fed officials

THE PESO weakened against the dollar on Wednesday following hawkish comments from US Federal Reserve policy makers. — BW FILE PHOTO

THE PESO retreated versus the greenback on Wednesday as US monetary officials signaled their openness to more rate increases this year to normalize their stance.

The local unit ended trading at P51.43 per dollar on Wednesday, shedding 24 centavos from its P51.19 finish on Tuesday, based on Bankers Association of the Philippines data.

The peso opened Wednesday’s session at P51.25 versus the dollar, which was also its intraday best. Its weakest showing was at P51.445 against the greenback.

Dollars exchanged dropped to $1.263 billion on Wednesday from $1.303 billion on Tuesday.

A trader in an e-mail said the peso weakened significantly after hawkish statements from the US Federal Reserve officials.

Reuters reported that Fed Reserve Governor Lael Brainard on Tuesday said she expects monetary policy to be in a…

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