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GREED IS GOOD! : Currencies



  • greed IS good as long as you don't harm others. when it comes to currencies, i prefer to deal in US dollars. i've actually been earning an extra $40-$60 a month for the past 2 years. check out my web page in my profile to see how you can too. :)
  • Asiana’s expected asset-backed deal

    Asiana Airlines is planning to sell up to $100 million five-year asset-backed securities by the end of August. Korea’s second largest airline will use the proceeds to repay existing debt. The bonds will be secured by receivables on airline fares bought in the US through credit cards.

    The Chase Manhattan Bank is arranging the sale. The company held meetings with investors in Hong Kong and Singapore late last month.

  • Bendigo Bank prepares for bond issue

    Bendigo Bank will begin a roadshow in Asia in the week commencing August 14. It has mandated Deutsche Bank and WestLB to lead a Eurobond issue. Deutsche Bank led the regional bank’s inaugural public debt issue – a floating-rate Eurobond – in May 1998. Since then Asian investor demand for Bendigo Bank’s Eurobond has been identified. Bendigo Bank has also issued mortgage-backed securities in the Australian domestic debt market, as well as a number of private placements. UBS Warburg and Westpac Institutional Bank are working on another domestic private placement for Bendigo Bank but that is still some months away. S&P rates Bendigo Bank BBB- and Fitch rates the bank at BBB.

    Ph Peso 44.870

    Yen 108.76

    HK Dollar 7.7990

    Indonesia Rupiah 8,230

    Thailand Baht 40.525

    SG Dollar 1.7108

    1 TW Dollar 31.082

    Korea Won 1,113.9

    1 Malaysian Ringgit 3.7998

    Euro 1.108

    UK Pound 0.6663

    As of 23:27 PM GMT

  • Philippine peso slips early ahead of central bank meeting

    Manila, Aug. 11 -- The Philippine peso dipped against the U.S. dollar in early quiet trade Friday as banks covered short dollar positions ahead of the weekend and uncertainties over whether the central bank will pursue plans to further slash its key overnight borrowing rate due to be decided in a meeting of the policy-making Monetary Board later Friday, traders said.

    At 0228 GMT, the dollar/peso was bid at 44.895 against Thursday's local close of 44.870.

    The pair opened flat at 44.870 but soon mustered strength to rise to an early peak of 44.935.

    "I think we're seeing a wait-and-see attitude prior to the Monetary Board meeting," said a trader with a U.S. bank.

    Central bank Governor Rafael Buenaventura said Tuesday there may be room to lower further the central bank's overnight borrowing rate by revising the tiered scheme to discourage banks from placing their funds with the monetary authority and instead either loan them out or invest them in government securities.

    The central bank has adopted, since June 26, a three-tiered scheme for its overnight borrowing facility, where it effectively cut its overnight borrowing rate to a low of 7% from a uniform rate of 10% depending on the volume of funds placed.

    Another trader said banks are just playing it safe ahead of an uncertain weekend particularly after reports Thursday that a homemade bomb exploded in Davao City in southern Mindanao where President Joseph Estrada was on official visit.

    Estrada on Tuesday left for the conflict-torn Mindanao for a month-long visit to personally assess the situation there. But Estrada said he is likely to return to the capital Manila on weekends.

    "There are no inflows, the market is really dry so the peso is weak compared to the relatively steady regional currencies," said a third dealer at a local bank.

    Volume traded at the Philippine Dealing System reached a paltry U.S. $44 million more than an hour after trading commenced.

    Traders said commercial clients may be on the defensive and try to buy dollars if they see the pair cruise higher.

    The pair is seen trading within a narrow 44.850-44.950 range for the rest of Friday's session. -- BridgeNews

  • Philippine peso gains early on firmer baht, weak dollar demand
    Manila, Aug. 17 -- Buoyed by a stronger Thai baht, the Philippine peso recovered some lost ground against the U.S. dollar in slow early trade Thursday amid weak corporate dollar demand for the greenback, dealers said. But lack of incentive to give up dollars for pesos is seen limiting the peso's advances at 44.850. At 0208 GMT, the US dollar/peso was bid at 44.865 against Wednesday's 44.925 close in local trade.

    The pair opened lower at 44.880 and slipped further to an early low of 44.870 before edging higher to hit an early peak of 44.900.

    "Other regional currencies also recovered against the dollar, particularly the baht. And it has been confirmed that there was no corporate demand (for dollars) near the 45 level," a dealer at a local bank said.

    At 0208 GMT, the dollar/baht was quoted at 40.62 against 40.76 in late Asian deals Wednesday.

    Total volume at the Philippine Dealing System reached a measly US $23 million an hour into trading.

    A dealer at a US bank said the peso's advances may be capped at 44.850 as corporate clients are seen resuming dollar purchases at below 44.900.

    "I think banks will also continue holding long dollar positions because of lack of good news (in the domestic front)," a third dealer said.

    Dealers said dollar supply also continued to be weak with a reported net outflow in portfolio investments which could further prevent the peso from making a significant headway against the dollar.

    The central bank said Wednesday the country's portfolio investments registered a net outflow of US $375.3 million in Jan.-July 21, a reversal from the net inflow of $580.6 million in the same period last year.

    Dealers said the dollar/peso is seen trading between 44.850-44.950 for the rest of Thursday's session. -- BridgeNews

  • USD 1 = PhP 44.965
    as of 3:34:00 GMT
    (11:34:00 PH time)
    Change 0.090
    % Change 0.2006%
    Previous 44.875
    Open 44.895
    High 45.050
    Low 44.945

    Bid 44.965
    Bid Time 3:34:00
    Ask 45.015
    Ask Time 3:34:00
    Bid 44.965

  • Currencies As of 3:34 AM GMT 1 USD = 44.965 PHP

    Country Code Currency USD Rate PHP Equiv.
    Australia AUD Dollar 1.6823 26.7283
    Canada CAD Dollar 1.4743 30.4992
    Euro EUR Euro 0.9159 41.079
    Hong Kong HKD Dollar 7.7990 5.7655
    Indonesia IDR Rupiah 8,318 0.0054
    Japan JPY Yen 109.03 0.4124
    Malaysia MYR Ringgit 3.7997 11.8338
    New Zealand NZD New Zealand 2.2082 20.3627
    Philippines PHP Peso 44.965 1.0000
    Singapore SGD Dollar 1.7197 26.147
    South Korea KRW Won 1,114.1 0.0404
    Switzerland CHF Franc 1.7070 26.3415
    Taiwan TWD New Taiwan Dollar 31.081 1.4467
    Thailand THB Baht 41.030 1.0959
    United Kingdom GBP Pound 0.669 67.184
    United States USD Dollar 1.0000 44.965
  • Hello PExRs... i'm back!

  • Philippines not to sell agriculture bonds this year

    The announcement earlier in the week that the Department of Agriculture (DA) was to sell $300 million of eurocurrency-denominated bonds to pay for 14 irrigation projects through Deutsche Bank, this was flatly contradicted by the Department of Finance (DoF).

    In a statement, finance under-secretary Joel Banares said, “International bond financing of the Philippines government has been completed for this year…. [We] are not planning to issue Eurobonds to finance its [DoF] irrigation projects.”

    The DA said the proposal had been submitted to DoF. However, Banares said that the department hadn’t received a proposal and that the DA’s budget was met by the government.

    Referring to the cancelled euro transaction of April he said, “Even the republic is unable to borrow from the euro market at this time.”
  • Pressure mounts to raise rates to aid Philippine peso

    Manila -- Despite the Philippine central bank's intense intervention at the currency market Wednesday, pressure is still building up for the monetary authority to raise its key overnight rates to sharply ease tension on the local currency which has fallen to historic lows in recent sessions.

    But economists said even if the central bank yields to such clamor, the peso is far from a sustained recovery and will remain prone to wild swings unless the government triumphs from a lingering confidence crisis.

    The peso clawed back some lost ground against the U.S. dollar Wednesday when it closed at 45.500 after sinking to a record closing low of 45.595 Tuesday following the central bank's move to sell dollars at the spot currency market to boost the fast-drying liquidity situation.

    The peso lost about 13% of its value against the greenback since the start of the year.

    Central bank Governor Rafael Buenaventura said the policy-setting Monetary Board opted to unload dollars instead of hiking overnight rates for the meantime since the latter could be disastrous to the recovery efforts of the still fragile economy.

    But considering the central bank's restricted dollar reserves, it may be difficult for the monetary authority to continue intervening heavily and would likely rely on dollar remittances from overseas Filipino workers towards the end of the year to lift the peso, market watchers say.

    Stronger Strategy

    David Fernandez, head of economic research for emerging Asia at JP Morgan, says raising its overnight rates may be a stronger strategy which the central bank can use to fend off the dollar-buying binge.

    "It will not be enough but it's one of the limited tool in the arsenal the central bank has, that can send the right message. But at the end of the day, improving local sentiment is the only way to boost the peso," he said.

    The central bank also has limited financial resources to sustain any peso-buying operations and may just unnecessarily exhaust its foreign reserves, points out Song Seng Wun, regional economist at GK Goh.

    The Philippines' gross international reserves is currently estimated at about U.S. $15.2 billion-$15.3 billion, way below the foreign reserves level of its neighbors.

    The central bank last raised its overnight rates by 125 basis points in May to catch up with the series of increases in U.S. interest rates that has consequently caused funds to flock to the greenback.

    But the rate increases barely buttressed the local currency that was also under pressure from rising political temperatures at home led by a stubborn Muslim insurgency situation in southern Mindanao and bombing incidents in the capital Manila then.

    Since June 26, the central bank adopted a three-tiered scheme for its overnight borrowings where it kept the published 10% rate for the first five billion pesos (PhP) placed overnight, 8.5% for the next PhP5 billion and 7% for funds in excess of PhP10 billion. The overnight lending rate has been maintained at 12.25% for four months now.

    Under Fire

    "The peso should not be at these levels but it's a combination of a lot of things (such as) the budget deficit, Mindanao and cronyism issues (which are all) driving away investors," a local bank treasurer said.

    President Joseph Estrada came under fire anew after the Court of Appeals last week dismissed the government's PhP25.27-billion (U.S. $553.3 million) tax evasion case against Filipino-Chinese tycoon Lucio Tan, a close associate of Estrada, due to a procedural lapse.

    Apart from further draining confidence in Estrada's leadership, the news came at time while the government is struggling to contain a budget deficit that is well on track to exceed this year's ceiling of PhP62.5 billion under the government's deal with the International Monetary Fund. At the end of July, the government's budget gap stood at PhP59.7 billion as revenues from privatization of state assets remained slow.

    "At this point, it's easy to say that the pressure (on the peso) has been overdone. However as long as domestic sentiment is weak, the peso will remain battered because they're (funds) the only ones who have the power to stop it," said JP Morgan's Fernandez.

    But the central bank has also began a clampdown against currency speculators. On Tuesday, central bank deputy Governor Alberto Reyes s aid it will slap monetary fine on more than 10 foreign exchange subsidiaries of banks that were found to have violated rules on currency transactions.

    Change in Mindset

    Song says there is a strong need to "change the mindset and expectations" of the public and investors to catapult the peso, perhaps towards the 42.500-43.000 level which Buenaventura forecasts towards year end.

    There has to be a shift of focus towards the country's relatively sound economic fundamentals from politics although the government has to radically address sagging perception, he said.

    The Philippine economy grew 3.9% year-on-year in the first half of the year and is expected to post a modest growth of 4% this year from 3.2% in 1999.

    While inflation is slightly picking up due to higher petroleum prices, the headline numbers remain within the government's target and is barely a threat to interest rate direction.

    For the first eight months to August inflation has averaged 3.7%, well below the government's 5-6% range for the year. Nonetheless, Fernandez says JP Morgan expects the dollar/peso year-end rate at 46.500 even on the back of a 75-basis-point hike in the central bank's overnight rates with confidence-building likely to be a tough struggle for the government.

    "After the (Indonesian) rupiah, the peso is the second most difficult currency to forecast," said GK Goh's Song.

    The peso touched its all time intra-day low of 46.500 against the greenback on Jan. 7, 1998, at the height of the Asian financial crisis.

  • Philippine peso tumbles early in cautious trade

    Manila, Sept. 8 -- The Philippine peso slipped against the U.S. dollar in extremely thin trade early Friday as dollar supply appeared to have evaporated without the central bank's active presence in the market, dealers said.

    Players also opted to stay in the sidelines amid concerns over the government's widening budget gap and a possible hike in the central bank's key overnight rates, they said.

    At 0232 GMT, the U.S. dollar/peso was quoted at 45.620 in Asian deals against Thursday's 45.530 close in local trade.

    The pair opened at 45.600 and was stuck in that level for about 30 minutes since trading began at 0100 GMT with only U.S. $0.5 million turnover at the Philippine Dealing System.

    At 0252 GMT, the pair traded between 45.600-45.650 as total volume reached a slim $11.5 million.

    "Everybody's on a wait-and-see and looking for a possible central bank intervention," a dealer at a European bank said.

    The central bank said it infused dollar liquidity into the spot market on Wednesday and Thursday to arrest the peso's slide against the dollar.

    Central bank Governor Rafael Buenaventura also said earlier the monetary authority will decide in a meeting Friday whether it will raise its overnight rates or not to help ease the pressure on the local currency.

    A second dealer said news about the government's budget deficit already exceeding the full-year ceiling of 62.5 billion pesos (U.S. $1.4 billion) in the first eight months ended August also weighed down on market sentiment.

    Local newspapers said earlier Friday the government's budget deficit widened to PhP70 billion in Jan.-Aug. from the actual PhP59.7-billion gap in the first seven months ended July.

    A third dealer said the dollar/peso is looking at a next resistance of 45.840 but the central bank may try to cap the pair's rise at 45.650 through the rest of Friday's session.

    The release of the remaining six European hostages held by the Muslim extremist group Abu Sayyaf in the southern Mindanao region later Friday may also help lift market sentiment, dealers said.

    The dollar/peso is seen firmly supported at the 45.500 level, they said. -- BridgeNews

  • USD 1 = PhP 45.525

    as of 3:34:30 GMT
    (11:34:30 PH time)

    Change -0.205
    % Change -0.4483%
    Previous 45.730
    Open 45.475
    High 45.550
    Low 45.525

    Bid 45.525
    Bid Time 3:34:30
    Ask 45.575
    Ask Time 3:34:30
  • World Currencies As of 3:39 AM GMT 1 USD = 45.525 PHP

    Country Code Currency USD Rate PHP Equiv.
    Australia AUD Dollar 1.7947 25.3664
    Canada CAD Dollar 1.4762 30.8393
    Euro EUR Euro 0.8676 39.401
    Hong Kong HKD Dollar 7.7987 5.8375
    Indonesia IDR Rupiah 8,393 0.0054
    Japan JPY Yen 106.14 0.4289
    Malaysia MYR Ringgit 3.7998 11.9809
    New Zealand NZD New Zealand 2.3740 19.1765
    Philippines PHP Peso 45.525 1.0000
    Singapore SGD Dollar 1.7356 26.2301
    South Korea KRW Won 1,108.5 0.0411
    Switzerland CHF Franc 1.7792 25.5873
    Taiwan TWD New Taiwan Dollar 31.092 1.4642
    Thailand THB Baht 41.410 1.0994
    United Kingdom GBP Pound 0.7055 64.516
    United States USD Dollar 1.0000 45.525
  • get on a plane to mindanao buy lots of dollars there which is around 30-35 pesos (siempre pwede pang baratin according sa dami ng ipapalit nyo) get back to manila and sell them tubo ka ng 10 pesos :D:D:D
  • prizecision

    Welcome to GREED IS GOOD!

    the underground blackmarket economy will always have better rates.

  • Philippine peso recovers at close amid intervention rumors

    Manila, Sept. 14 -- The Philippine peso recovered some lost ground against the U.S. dollar in afternoon session Thursday amid rumors of intervention by the central bank which sparked a dollar profit-taking bout by banks, traders said.

    The dollar/peso closed 0800 GMT at 45.605, retreating from a day-peak of 45.950, and against Wednesday's 45.690 close.

    The pair opened at 45.820 and soared to a new 32-month intraday high of 45.950 in morning deals. But the dollar demand fizzled out in the afternoon session when the pair recoiled to a day-low of 45.600.

    Traders said the central bank provided liquidity in the market which prompted banks to cut some long dollar positions.

    "The central bank gave the peso a slight push so banks were forced to reduce or cut positions," said a local bank dealer.

    But central bank Governor Rafael Buenaventura said earlier Thursday it was not in the market, seeing no need to sell dollars with the dollar/peso being swayed by regional sentiment.

    "I think the market was a little overbought so when the dollar/peso hit the 45.900 levels, some took it as opportunity to take profits," said a foreign trader.

    Turnover at the Philippine Dealing System rose to U.S. $128.7 million from $97.5 million on Wednesday.

    Traders said the market may have some more dollars to spare on Friday with the dollar/peso seen likely to test the next support of 45.500 although domestic political woes and possible gyrations of regional units may temper any further appreciation. The pair's upside is seen at 45.800. -- BridgeNews

  • USD 1 = PhP 45.550

    as of 4:00:42 GMT
    (12:00:42 PH time)

    Change -0.090
    % Change -0.1972%
    Previous 45.640
    Open 45.590
    High 45.680
    Low 45.570

    Bid 45.550
    Bid Time 4:00:42
    Ask 45.600
    Ask Time 4:00:42

  • Forex: Peso slightly lower on caution ahead of weekend amid talk of rate hike

    MANILA (AFX-ASIA) - The peso was slightly lower in early trade on caution ahead of the weekend and amid speculation the central bank will announce today a hike in overnight rates, dealers said.

    They said news of the 69.8 bln peso budget deficit for the first eight months, which exceeds the annual ceiling of 62.5 bln, may be also be contributing to the peso's weakness.

    At 10:04 am, the peso stood at a weighted average of 45.652 to the dollar from the previous close of 45.605.

    It opened at its low for the day of 45.670, rising to a high of 45.630.

    Volume was 6.0 mln usd.

    "It's because of the weekend. People want to be square or long. Nobody wants to be short (on dollars) over the weekend. It's wait-and-see as the central bank may intervene or raise rates again," a trader with a foreign bank said.

    A second trader said peso-dollar is guzrently trading in a range due to some "weekend squaring." He expects the central bank to raise overnight rates by another 50 basis points and to intervene by selling dollars once the peso depreciates past the 45.700 level.

    The central bank's policy-making Monetary Board is currently meeting to determine overnight rates for Monday.

    "Yesterday, the central bank pushed (the dollar) down to these levels. Today, there's not much trade as some banks are long. They are waiting for demand to come in. The budget deficit is bad news and the peso should weaken more on that," a third trader said.

    A fourth trader expects peso-dollar to be confined within the 45.500-45. 750 range today.
  • Philippine peso tumbles past 46 mark early on weak baht

    Manila, Sept. 21 -- The Philippine peso plunged early against the U.S. dollar Thursday, breaching the 46 mark a few minutes after trading opened, amid a continued weakening in the Thai baht, dealers said. The central bank was seen trying to break the peso's fall but may have abandoned its support of the local unit after selling less than U.S. $10 million, they said. At 0139 GMT, the U.S. dollar/peso was bid at 46.015 in Asian deals against Wednesday's 45.910 close in local trade.

    The pair opened strongly at 45.950 and immediately rose to an early peak of 46.040 half an hour into trading at the Philippine Dealing System.

    "It's basically because of the general weakness in regional currencies, especially the Thai baht and also the Singapore dollar. So the trend is really for the dollar/peso to go up," said a dealer at a major local bank.

    At 0215 GMT, the U.S. dollar/baht was quoted at 42.61 in Asian deals against 42.57 late Wednesday.

    Dealers said the central bank was seen trying to temper the peso's drop by selling dollars at 45.950 but the monetary authority appeared to have halted its offers and allowed the peso to fall in line with other regional units.

    "The central bank was intervening at 45.950 and then it let go after selling less than U.S. $10 million," the first dealer said.

    Central bank Governor Rafael Buenaventura refused to confirm rumors that the monetary authority sold dollars at the spot market earlier Thursday but he told BridgeNews that the central bank is keeping its options open and continues to monitor the currency market.

    Total volume so far reached U.S. $34.5 million more than an hour into trading.

    A dealer from a U.S. bank said the dollar's rise against the peso may be capped at 46.050 intra-day since many banks which are long on dollars will likely be tempted to take profits at this level.

    "We're looking at 46.050 (resistance) for now but if negative regional sentiment persists and we break 46.050, then we're already looking at 46.200," the dealer said.

    Dealers said it would be unlikely for the peso to reach for its historic low of 46.500 intra-day, last touched on Jan. 7, 1998, but it would continue to be a target in the near-term.

    The pair is seen finding an immediate support at 45.900-45.950, they said. -- BridgeNews
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