Connect with us

Hi, what are you looking for?

News

Peso rises after gov’t RDB sale, US CPI report

THE PESO strengthened versus the greenback on Wednesday after the government’s maiden sale of retail dollar bonds and softer US inflation in August.

The local unit closed at P49.79 per dollar on Wednesday, appreciating by 12 centavos from its P49.91 finish on Tuesday, data from the Bankers Association of the Philippines showed.

The peso opened Wednesday’s session at P49.92 per dollar. Its weakest showing was at P49.935, while its intraday best was at P49.75 versus the greenback.

Dollars exchanged dropped to $654.8 million on Wednesday from $678.45 million on Tuesday.

The peso rose after the Bureau of the Treasury’s maiden offer of onshore retail dollar bonds (RDBs).

The government raised an initial $866.2 million from the papers on Wednesday. Broken down, the Treasury borrowed $551.8 million from the five-year notes and $314.4 million via the 10-year RDBs during the price-setting auction on Wednesday.

The offer was upsized from the initial plan to raise just $200 million from each tenor after demand for the papers hit $938.2 million.

Meanwhile, the trader said data showing slower US inflation in August also boosted the peso.

The US Labor Department on Tuesday said the overall consumer price index (CPI) rose 0.3% in August, slowing from the 0.5% in July, Reuters reported. This is also softer than the 0.4% estimate by economists in a Reuters poll.

Core inflation, which excludes volatile food and energy components, rose by 0.1%, marking the slowest increase since February and also easing from the 0.3% in July. It was likewise softer than the 0.3% estimated by economists in a Reuters poll.

For Thursday, Mr. Ricafort gave a forecast range of P49.70 to P49.90 per dollar, while the trader expects the local unit to move within P49.65 to P49.90. — LWTN with Reuters

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

TAIPEI — China is an “arch criminal” intent on bullying Taiwan and has no right to oppose or comment on its bid to join...

News

Official White House Photo by Adam Schultz WASHINGTON — A first in-person meeting of the leaders of the Quad group of countries — the...

News

PIXABAY UNITED NATIONS — Faced with what they see as an existential threat, leaders from low-lying and island nations implored rich countries at the...

News

StackLeague is now gathering over 6,000 developers, software engineers and programmers all across the Philippines who share the same interest in competing while also...

News

Insights to Inspire aims to spark ideas that empower businesses to pursue bigger goals through data and information. Read our insights on current issues...

News

By Luz Wendy T. Noble, Reporter THE PHILIPPINE central bank kept the benchmark policy rate at a record low on Thursday, as it tries...

You May Also Like

When people envision technology overtaking society, many think of The Terminator and bulletproof robots. Or Big Brother in George Orwell’s Nineteen Eighty-Four, a symbol...

Financial Advisors

Stock Markets9 hours ago (Jul 02, 2020 04:45AM ET) (C) Reuters. ROME (Reuters) – World food prices rose in June to post their first...

Economy

SAN FRANCISCO — The spread of the coronavirus has meant feast or famine for technology start-ups. While many are cutting staff and slashing costs...

Economy

OAKLAND, Calif. — Jack Dorsey has won plaudits for his corporate activism during the coronavirus crisis, taking on President Trump in his role as...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 Respect Investment. All Rights Reserved.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!