Connect with us

Hi, what are you looking for?


Peso weakens vs dollar on strong US data

THE PESO declined on Wednesday due to strong US economic data. — BW FILE PHOTO

THE PESO weakened versus the greenback on Wednesday following upbeat US retail sales and industrial production data.

The local unit ended trading at P50.39 per dollar on Wednesday, depreciating by nine centavos from its P50.30 close on Tuesday, based on data from the Bankers Association of the Philippines.

The peso opened Wednesday’s session at P50.38 per dollar, weaker from its previous finish. Its worst showing was at P50.47, while its intraday best was at P50.34 versus the greenback.

Dollars exchanged decreased to $1.133 billion on Wednesday from $1.391 billion on Tuesday.

The peso depreciated on Thursday following the faster-than-expected recovery in US factory production, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The US Federal Reserve on Tuesday said manufacturing output expanded by 1.2% in October, the fastest pace since March 2019 and a turnaround from the 0.7% decline in September. It is also better than the 0.7% growth estimate of economists polled by Reuters.

Factory output increased by 4.5% year on year.

Another market lead was the better-than-expected US retail sales data also released overnight, a trader said in an e-mail.

The US Commerce department said October retail sales increased by 1.7%, which is its largest rise since March. It sealed the third straight monthly expansion and was better than the 1.4% growth expected by economists polled by Reuters.

The trader said the peso could continue to depreciate this Thursday due to cautious sentiment ahead of the Bangko Sentral ng Pilipinas’ (BSP) Monetary Board’s policy rate decision.

A BusinessWorld poll of 20 analysts unanimously expect the BSP to keep benchmark rates steady to continue supporting the economy’s rebound as it has yet to firm up.

This Thursday, the trader gave a forecast range of P50.30 to P50.55, while Mr. Ricafort expects the local unit to move within P50.25 to P50.45 per dollar. — L.W.T. Noble 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!



REUTERS Shares of Germany’s largest bank Deutsche Bank plunged on Friday as investors fretted that regulators and central banks have yet to contain the...


US President Joseph R. Biden (left) and Canada Prime Minister Justin Pierre James Trudeau (right) original images from Reuters OTTAWA – US President Joe Biden and...


STOCK PHOTO Image by F1 Digitals from Pixabay LONDON – Most patients admitted to hospitals with acute viral infections are given antibiotics as a precaution against...


SYDNEY, – New Zealand Foreign Affairs Minister Nanaia Mahuta said on Saturday she had expressed concerns over the South China Sea and tensions in the Taiwan...


REUTERS WASHINGTON/NEW YORK – The banking crisis set off by the swift collapse of Silicon Valley Bank has exposed a sharp disconnect between Washington and Wall Street....


Intel Co-Founder Gordon Moore link: SAN FRANCISCO – Intel Corp. co-founder Gordon Moore, a pioneer in the semiconductor industry whose “Moore’s Law” predicted a steady rise...

You May Also Like


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect, 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 © 2022 Respect Investment. All Rights Reserved.