PHP USD: Philippine Peso Support at 58 Per Dollar Seen Holding

The Philippines’ latest line in the sand for the peso appears to have settled halfway between its previous two, with 58 per dollar the new level to defend for the central bank.

The currency is just shy of that level after its slump to a 17-month low last month. The plunge prompted Bangko Sentral ng Pilipinas Governor Eli Remolona to warn that authorities stand ready to manage any unnecessary movement and excessive volatility in the currency.