Connect with us

Hi, what are you looking for?

Economy

Peso down on US stimulus delay

THE PESO weakened against the greenback on Thursday on muted investor appetite following stalled discussions for a fresh stimulus fund in the United States.

The local unit closed at P48.065 versus the dollar on Thursday, losing 1.5 centavos from Wednesday’s finish of P48.05, data from the Bankers Association of the Philippines showed.

The peso opened Thursday’s session at P48.10 per dollar, which was its weakest showing for the day. Meanwhile, its intraday best was at P48.05 versus the greenback.

Some $498.1 billion changed hands on Thursday, down from $505.8 billion on Wednesday.

The peso’s depreciation came as the dollar strengthened on risk-off sentiment following delays in the passage of a fresh US stimulus, said Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort.

“The peso was slightly weaker after the deadlock in the US stimulus package and sell-off in some technology shares,” Mr. Ricafort said in a text message.

US legislators extended government funding by another week to buy them time for further discussions on a pandemic relief package, Reuters reported.

The release of the trade data showing a decline in exports also weighed on the peso on Thursday, Mr. Ricafort added.

Data released by the Philippine Statistics Authority showed October merchandise exports slipped 2.2% to $6.202 billion, coming from a growth of 2.9% and 0.5% in September and October 2019, respectively. With this, exports in the 10 months to October shrank 12.8% year on year to $16.256 billion.

For today, Mr. Ricafort expects the peso to play around the P48.01 to P48.11 band versus the dollar. — LWTN with Reuters

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Your email address will not be published.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

Investing

TikTok is expected to ride out the advertising slowdown, as the Chinese-owned social media titan becomes an outlier to the wider industry slowdown. According...

Investing

The average start-up loan has fallen over 138 percent in the past year to just over £142k, from £339k in 2021. Thats according to...

Investing

The government risks “sleepwalking” into a food supply crisis unless it provides crucial support for British farmers struggling with the soaring cost of fuel,...

Investing

Britain’s retailers benefited from a November sales boost fuelled by Black Friday discounts and colder weather as consumers bought winter coats, hot water bottles...

Investing

The biggest sector of the economy remained in a downturn last month as new orders continued to fall owing to the cost of living...

Economy

1 of 2 AFTER all their hard work in topping a difficult group and matching the Croatians for 120 minutes, Japan crumbled in the...

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.