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Peso Jumps as Yen Intervention and Mideast Peace Hopes Boost Markets

Guavy AI Editorial Team
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USD JPY
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The Philippine peso rebounded to its strongest level in over six weeks, closing at P60.93 against the US dollar on Monday.

The local currency jumped by 31 centavos from its previous finish of P61.24, supported by joint intervention from Japanese and US regulators to prop up the yen, which also firmed to a three-month high.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort attributed the peso's strength to easing inflationary pressures due to declining global crude oil prices amid hopes for a Middle East peace deal.

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