Business

Wednesday, February 11, 2026 | Daily Newspaper published by GPPC Doha, Qatar.

Business

Gulf Times

State Street strategist sees 10% dollar drop on three Fed cuts

The dollar may fall 10% this year as there’s a risk the Federal Reserve will cut interest rates more deeply than markets anticipate once the next chair of the central bank takes over, according to State Street Corp’s Lee Ferridge.Traders expect that the Fed will resume lowering interest rates around June and deliver at least two quarter-point reductions by year-end. But Ferridge, a strategist at the bank, sees scope for officials to deliver a third reduction in 2026. That’s in part on the view that current Chair Jerome Powell’s successor will face pressure from President Donald Trump to reduce borrowing costs.“Three is possible,” Ferridge said in an interview on the sidelines of the TradeTech FX conference in Miami. “Two is a reasonable base case, but we have to accept we are going into a more uncertain period of Fed policy.”The other dynamic is that deeper Fed rate cuts will make it less expensive for foreigners to hedge the currency risk on their US investments, and as they step up that activity it will weigh on the greenback, he said.The Bloomberg Dollar Spot Index is down about 1.7% this year after sliding roughly 8% last year, its worst annual performance since 2017.Concerns around the economic impact of trade friction and worries around the US fiscal outlook hurt the greenback, as did Trump’s pressure on the Fed. Trump has nominated former Fed Governor Kevin Warsh to succeed Powell, whose term ends in May, and Warsh, if confirmed, may deliver what Trump wants, Ferridge said.The greenback may rebound 2%-3% in the near term as solid US economic data reduces expectations for Fed cuts, Ferridge said.However, dollar selling is “just waiting for once Kevin Warsh takes over the Fed and starts cutting rates probably more persistently and narrowing that rate spread with the rest of the world,” Ferridge said. “If that happens then we know there’s room for that hedge ratio to rise.”The present hedge ratio of about 58% compares with a level of above 78% back before the Fed started hiking rates in 2022, State Street data show.

Officials of Qatar Chamber and the Department of Trade and Industry (DTI) in the Philippines, as well as the Philippine Embassy in Qatar during a meeting held Monday.

Philippines eyes stronger trade links with Qatar in food, personal care sectors

A delegation from the Department of Trade and Industry (DTI) in the Philippines has returned to Doha with renewed optimism, seeking to strengthen trade ties with Qatar in the food and personal care sectors.Led by Bianca Pearl R Sykimte, director of the DTI’s Export Marketing Bureau (DTI-EMB), the delegation met with Qatar Chamber Monday as part of the DTI-EMB’s Outbound Business Matching Mission (OBMM) in the GCC.The delegation, who was accompanied by Philippine ambassador Mardomel Celo D Melicor and First Secretary and Consul General Cassandra B Sawadjaan, was received by Qatar Chamber first vice-chairman Mohammed bin Towar al-Kuwari, in the presence of other officials and Qatari businessmen.Speaking at the meeting, Melicor lauded the chamber’s role in fostering commercial linkages and highlighted the momentum in bilateral relations. The ambassador emphasised that the Philippines views Qatar as “a valued partner in the Gulf,” with recent years marked by landmark agreements and historic engagements, particularly during the state visit of His Highness the Amir Sheikh Tamim bin Hamad al-Thani to the Philippines in 2024.Melicor also pointed to the success of the first ‘Qatar-Philippines Business Forum’ held in November 2025 and the earlier OBMM in February 2025, “which delivered the highest trade engagement among Gulf destinations.” The ambassador said, “The message is clear, opportunities are here, and real, they are growing.”This year’s OBMM, according to Melicor, opens avenues for networking and access to global markets to leading companies specialising in food and personal care products to Qatar.“Our objective is straightforward: to transform interest into lasting commercial partnerships. We hope to see more Filipino products reach Qatari shelves and households,” Melicor pointed out.He emphasised that these enterprises embody the quality, creativity, and reliability of Philippine manufacturing, and underscored the potential for collaboration beyond consumer goods, including agriculture, food security, renewable energy, healthcare, and digital transformation.For his part, al-Kuwari emphasised the distinguished relations between Qatar and the Philippines, noting that the volume of trade exchange reached nearly QR674mn in 2024, reflecting the steady growth of bilateral economic ties.He said Qatar Chamber views the Philippines as a key economic partner in Southeast Asia and commended the active contributions of the Filipino community to Qatar’s development.Al-Kuwari affirmed the chamber’s commitment to enhancing co-operation between the business communities of both countries and opening new horizons for joint investments that serve mutual interests.He also called on Qatari and Filipino companies to explore partnership opportunities for joint projects across various sectors, particularly in food security and personal care products.Sykimte delivered a presentation highlighting investment opportunities, the business climate, and key Philippine food products targeted for the Qatari market, while a representative from Qatar’s Ministry of Public Health gave an overview of the food hygiene sector and the rigorous food safety verification processes required for imports.