Forex News USD/PHP retreating further, now trading at 45.15, with banks moving ahead of possible rate hike by central bank; volume heavy. Central bank set to announce policy decision after spot FX market closes, and many in market expect at least a 25bp increase in overnight rates to curb inflation, which hit 14-year high in June; "it's quite busy today, with some banks unloading dollars," says local bank trader.
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