US Federal Reserve Chair Janet L. Yellen provided a congressional testimony that suggested that no rate hike is to happen in the largest economy in the world anytime soon. Following that testimony, the peso extends its own winning streak against the dollar, settling at Php 47.45 once trading has ended.
The local currency had even managed to reach up to Php 47.36 per dollar level, although at its weakest intraday level, it was at Php 47.49. The dollars traded had dropped to $469.40 million from the $698.60 million that was recorded from the previous session. Ms. Yellen had appeared before the US House Committee on Banking, Housing, and Urban Affairs last Wednesday, stating that interest rate hikes will remain on the table despite the less than supportive growth of financial conditions.
