The Philippines rejected all bids at a sovereign bond sale today for the first time since June 2012, underlining the strength of the government's finances even as the country recovers from Super Typhoon Haiyan.
The Philippine peso completed its first weekly gain in three on speculation remittances will increase in the run-up to Christmas and as people send money to aid the victims of Super Typhoon Haiyan. Bonds fell.
Asian currencies posted their first monthly loss since August, led by Indonesia’s rupiah and the Thai baht, as concern about current-account deficits and political unrest in the region fueled fund outflows.
The Philippine peso fell for a fourth day, touching the lowest level in more than two months on speculation the U.S. will scale back stimulus that’s boosted emerging markets. Government bonds weakened.
The Philippine peso completed its biggest two-day loss since August and bonds fell as President Benigno Aquino declared a state of calamity following the destruction and loss of life from Super Typhoon Haiyan.
The euro climbed for the first time in three days versus the dollar as European stocks rose. Emerging-market currencies weakened and gold fell on the outlook for Federal Reserve stimulus and as a typhoon wreaked damage in the Philippines. U.S. shares rose to trade near a record.