Connect with us

Hi, what are you looking for?

Economy

Peso climbs as US OKs vaccine use

THE PESO strengthened versus the greenback on Monday, supported by optimism after the United States approved the use of a vaccine against coronavirus disease 2019 (COVID-19).

The local unit closed at P48.05 per dollar on Monday, appreciating by two centavos from its Friday finish of P48.07 versus the greenback.

The peso opened the session at P48.10 against the dollar, which was also its weakest showing for the day. Meanwhile, its intraday best was at P48.04 versus the greenback.

The volume of dollars that changed hands amounted to $358.8 million, dropping from the $540.85 million seen on Friday.

The peso strengthened versus the dollar on the back of positive market sentiment on the progress on the use of a vaccine in the US, a trader said.

“The peso appreciated from market optimism after the US FDA (Food and Drug Administration) officially approved over the weekend the Pfizer [Inc.]’s COVID-19 vaccine for emergency use,” the trader said in an email.

The coronavirus vaccine, developed by Pfizer and its German partner BioNTech, gained emergency-use approval from federal regulators late on Friday, clearing the way for distribution to begin a mere 11 months after the United States documented its first COVID-19 infections, Reuters reported.

Healthcare workers and elderly residents of long-term care homes will be first in line to get the inoculations of a two-dose regimen given about three weeks apart.

Public health officials have warned Americans not to become complacent about wearing masks and avoiding crowds in the meantime.

More than 100 million people, or about 30% of the US population, could be immunized by the end of March, US Operation Warp Speed chief adviser Dr Moncef Slaoui said in an interview with Fox News Sunday.

Another source of risk-off sentiment on the dollar was the one-week extension of an expiring federal funding, said Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort in a text message.

Reuters reported that President Donald J. Trump on Friday signed the extension deal, buying more time for talks on a spending bill and further COVID-19 relief measures.

The US Senate passed the bill on the same day following its Wednesday approval in the House. The expiration of the federal funding will mean partial shutdown for government programs such as airport operations and activities of the US State Department.

The US Congress is now working to pass a $1.4-trillion bill meant to maintain federal operations until September 2021.

For today, Mr. Ricafort expects the peso to trade from P48 to P48.10 per dollar while the trader expects the local unit to move within the P48 to P48.20 range. — 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 and our affiliates. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

MORE than half of students in the Philippines consider temporarily dropping out of school until the coronavirus pandemic ends mainly due to difficulties in...

Economy

The Public Works department has ramped up the completion of projects such as the Sta. Monica-Lawton Bridge also known as the Kalayaan Bridge. —...

Economy

THE BUREAU of the Treasury (BTr) raised its planned borrowings from the local market to P235 billion in July, as it seeks to offer...

Economy

By Jenina P. Ibañez, Reporter MANILA is the 78th most expensive city for expatriates to live in according to Mercer’s 2021 Cost of Living...

Economy

LOCAL GOVERNMENT UNITS (LGUs) could boost their real property tax (RPT) collection by P113.4 billion with the implementation of a project that will digitize...

Economy

THE Department of Energy (DoE) has ordered National Grid Corp. of the Philippines (NGCP) to speed up the acquisition of the required ancillary services...

You May Also Like

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

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Economy

THE Securities and Exchange Commission (SEC) has warned the public from investing or to stop any investment in a group named Maxxprofit Computer Trading...

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.

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 and our affiliates. Remember that you can opt-out any time, we hate spam too!