PNB Europe has it at 72.1 at present. I think the XE I more a trade rate isn't it? Obviously the rate is getting better (for us) of the recent diasaters I guess
Why you say that Mark? Its only gone up about 3 peso hasn't it, I'd have thought the rise would continue off the back of everything that's happened. We might see mid 70's soon and I think that will stay for a year or so. Probably wrong of course
Merely repeating what I have read: the central bank has set a minimum rate against the US Dollar which has now been exceeded so I think BSP will adjust the rates before the big influx of remittances next week (the largest of the year in Dollar terms).
To do that short term they will have to sell some of their foreign currency reserves and buy peso's or increase interest rates, most of the movements in recent times have been a reaction to local policies and fundamentals like worries over the flow of inward investment if the USA and others start to reverse QE. They have good enough foreign reserves to be able to turn their nose up at a bond auction that refused to give them the price they wanted but like everyone they can't do that forever.
This is good as hubby's salary comes in as pounds but bad if we go to London and shop Oh well, it's been steadily increasing for a little while now, hopefully it would even out soon
Heading back towards 100 again. GBP is doing well against all the currencies I track at the moment. Hope it keeps up against the THB as I have a major reconstruction visit booked with my dentist in Bangkok next month... Interestingly the one currency I find difficult to use is the Vietnamese Dong, now at 35,000 VND to the pound. It might feel good to walk around with millions in your pocket, but everything seems expensive in the shops, and ten seconds after I walk away leaving a generous tip in a restaurant I realise I have only left tuppence...
Any thoughts as to where this will go? I want to make a fairly substantial (for me!) payment in Pesos quite soon. I presume that the rise of sterling is just down to Mark Carney's musings about raising the interest rate if unemployment hits 7% on the way down. Anything else on the Philipines' side that we need to know about?
