Philippine Peso Declines Past Key 57-Per-Dollar Level.

The Philippine peso has weakened past the 57-per-dollar level for the first time since late 2022. This decline is attributed to expectations that the Federal Reserve will delay interest-rate cuts, which has negatively impacted risk assets. The governor of the central bank, Eli Remolona, has stated that he is comfortable with the peso's current level and that the bank has not been intervening significantly in the foreign-currency market. However, the 57 level is still being monitored, as officials previously intervened to defend the peso at this level. The US dollar has gained strength recently due to rising tensions in the Middle East and indications from Fed Chair Jerome Powell that rate cuts will be delayed. Central banks in emerging markets, including South Korea, have also taken steps to support their currencies. [Extracted from the article]