Convert USD to PHP
The USD/PHP forex pair experiences significant fluctuations on the release of important economic data from the US and the Philippines, including GDP, inflation, unemployment rate, trade balance, consumer confidence, PMI readings from the manufacturing and services sector and PPI.
USD/PHP also sees high levels of volatility on the release of monetary policy and interest rate decisions by the Federal Reserve and the Central Bank of Philippines (Bangko Sentral ng Pilipinas). For instance, if the Fed cuts interest rates or turns dovish in its monetary policy, it weakens the value of the US dollar, causing USD/PHP to trade bearish, and vice versa.
The USD/PHP currency pair fell to a low of 47.943 on 2 December 2020. This was the weakest level the pair has touched so far this year.