So, where are we now?
On the peso front, BSP deputy governor for bank supervision Nestor Espenilla Jr. said authorities have yet to finalize the overbought/oversold formula. And to quote him: "If the BSP were to restore the limits to pre-Asian crisis levels, this move should only be taken as a good sign."
"When you start raising it and making it equal (to the oversold limit), that represents a normalization process," Espenilla said. "Our reserves are at very high levels. The balance of payments is strong. We are prepaying our debts. All of these are signs that we are no longer in crisis mode. If we don't feel we are out of crisis mode, we won't even talk about forex liberalization." This is from the Inquirer.
And today's peso rate is at six-year high of 48.50 to the dollar before closing at 48.505. And once this, "overbought/oversold formula" is implemented, then expect the peso to garner more strength. Where will it be a month from now?
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On the Gold front,
"Gold prices soared to a six-month high of US$661 an ounce last Thursday, due to the rising price for oil and expectations that the U.S. Federal Reserve may begin cutting interest rates sooner than anticipated, Merrill Lynch analyst Michael Jalonen said in a research note." This is from the Financial Post.
On the peso front, BSP deputy governor for bank supervision Nestor Espenilla Jr. said authorities have yet to finalize the overbought/oversold formula. And to quote him: "If the BSP were to restore the limits to pre-Asian crisis levels, this move should only be taken as a good sign."
"When you start raising it and making it equal (to the oversold limit), that represents a normalization process," Espenilla said. "Our reserves are at very high levels. The balance of payments is strong. We are prepaying our debts. All of these are signs that we are no longer in crisis mode. If we don't feel we are out of crisis mode, we won't even talk about forex liberalization." This is from the Inquirer.
And today's peso rate is at six-year high of 48.50 to the dollar before closing at 48.505. And once this, "overbought/oversold formula" is implemented, then expect the peso to garner more strength. Where will it be a month from now?
------
On the Gold front,
"Gold prices soared to a six-month high of US$661 an ounce last Thursday, due to the rising price for oil and expectations that the U.S. Federal Reserve may begin cutting interest rates sooner than anticipated, Merrill Lynch analyst Michael Jalonen said in a research note." This is from the Financial Post.