Connect with us

Hi, what are you looking for?

Economy

Peso inches higher as holiday season starts

THE PESO inched up versus the dollar on Tuesday as consumer spending is expected to increase with the start of the holiday season and on news of progress in the development of a vaccine against coronavirus disease 2019 (COVID-19).

The peso closed at P48.05 against the dollar, inching up by one centavo from its P48.06 finish on Friday, data from the Bankers Association of the Philippines showed. The market was closed on Monday in observance of Bonifacio Day.

The peso opened Tuesday’s session at P48.11 against the greenback. Its intraday high was at P48.045 while its weakest showing was at P48.16 per dollar.

Dollars traded declined to $722.6 million on Tuesday from $783.4 million on Friday.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso strengthened versus the dollar as families of overseas Filipino workers (OFWs) are expected to spend more of their remittances during this holiday season.

“The financial markets are anticipating the seasonal increase in over OFW remittances and conversion to pesos for the Christmas spending season,” Mr. Ricafort said in a text message.

Meanwhile, a trader said the peso rose after Moderna, Inc. said it will apply for emergency authorization from the US Food and Drug Administration (FDA) to distribute its COVID-19 vaccine.

Moderna said on Monday it has applied for US emergency authorization for its COVID-19 vaccine after full results from a late-stage study showed it was 94.1% effective with no serious safety concerns.

The US Food and Drug Administration said an advisory committee would meet to discuss the request on Dec. 17, making Moderna’s candidate the second highly effective vaccine likely to receive US regulatory backing and a potential roll out this year.

A shot developed by Pfizer Inc. and BioNTech SE that was 95% effective in its pivotal trial is set to be reviewed by a panel of outside experts a week earlier. The FDA will decide on the emergency use authorizations after the advisers make their recommendations.

For today, Mr. Ricafort sees the peso moving from P48.02 to P48.12 versus the dollar while the trader expects it to range from P47.95 to P48.15. 

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
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

Economy

MEXICO CITY – A leading rights group on Monday called for Mexican lawmakers to vote against a proposal to overhaul the electoral system, warning it could seriously undermine electoral authorities’ independence, putting free and fair elections...

Economy

JAKARTA – Indonesia’s parliament on Tuesday approved a criminal code that bans sex outside marriage with a punishment of up to one year in jail, part...

Economy

The uncrewed Orion capsule of NASA’s Artemis I mission sailed within 80 miles (130 km) of the lunar surface on Monday, achieving the closest approach to the moon for a spacecraft built to carry...

Economy

JAKARTA – Indonesia is expected to ratify sweeping changes to its criminal code on Tuesday, senior officials confirmed, in a legal overhaul that critics say could curb freedoms and police morality in...

Economy

Elon Musk’s Neuralink, a medical device company, is under federal investigation for potential animal-welfare violations amid internal staff complaints that its animal testing is being rushed, causing needless suffering and...

Economy

MANILA – Philippine annual inflation surged to a 14-year high in November driven mainly by higher food prices, the statistics agency said on Tuesday,...

You May Also Like

Investing

The minute that any question pops into your head, you can simply ask Google. No longer do we have to pour over books and...

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Investing

Browsing history makes referring to sites and pages you’ve visited in the past seamless. It’ll help you recall what page you checked out on...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Disclaimer: SmartRetirementReport.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 SmartRetirementReport. All Rights Reserved.