Beaten Up Philippine Peso Set for Reprieve as Crude Retreats
Petroleum Geochemistry I Ariana Energy Researchers
(Bloomberg)–The worst may be over for the Philippine peso as falling oil prices boost the outlook for an economy that’s heavily reliant on oil imports.
The peso, which tumbled over 3% earlier this month before trimming losses, may end this quarter somewhere around its current level of 56.5 to the US dollar, according to strategists at Australia & New Zealand Banking Group Ltd., ING Financial Markets and Wells Fargo Securities.