Connect with us

Hi, what are you looking for?

Economy

Peso nearly unchanged vs the dollar as market awaits jobs report

THE PESO moved sideways against the greenback on Monday as investors await the latest data on the country’s jobs situation.

The local unit closed at P48.561 per dollar on Monday, nearly flat versus its P48.56 finish on Friday, data from the Bankers Association of the Philippines showed.

The peso started the session at P48.55 against the dollar. Its weakest showing was at P48.61 while its intraday best was at P48.51 against the greenback.

Dollars that changed hands dropped to $685.98 million on Monday from the $933.45 million seen on Friday.

Market players were waiting on the sidelines for the jobs data release, which affected the peso’s flattish movement during the day, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said.

“It seems trading was lackluster and prices just moved sideways. Traders may also be waiting for unemployment numbers to be released,” Mr. Asuncion said in a Viber message.

The jobless rate in October eased to 8.7% or 3.813 million unemployed Filipinos in October, lower than the 10% unemployment rate in July but still a jump from the 4.6% in October 2019 when 2.045 million Filipinos were jobless.

It peaked at 17.6% in April, equivalent to 7.228 million jobless individuals at the height of the lockdown.

The preliminary results of the January Labor Force Survey are set to be released  by the Philippine Statistics Authority on Tuesday.

Meanwhile, Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said the peso’s marginal weakness was on the back of the losses seen in the stock market.

The Philippine Stock Exchange index dropped 1.81% or 124.45 points to finish at 6,756.92 on Monday. All sectoral indices fell, with the financials counter recording the steepest decline at 3.29% or 48.65 points to 1,428.97.

For today, UnionBank’s Mr. Asuncion gave a forecast range of P48.50 to P48.60 per dollar, while RCBC’s Mr. Ricafort expects the local unit to move within the P48.50 to P48.62 levels. — L.W.T. Noble

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Your email address will not be published.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

A cabinet split is hampering the government’s efforts to deal with the nationwide shortage of lorry drivers that threatens fuel supplies at some petrol...

Investing

Pubgoers are flocking back to their locals, according to figures that drew a cautious toast from the industry but also prompted warnings of fresh...

Investing

Ministers are backing a multibillion-pound plan to build another large-scale nuclear power plant in Britain to ease pressure on electricity supplies as the country...

Economy

The Philippines’ balance of payment position (BoP) hit $1.044 billion in August, the highest in four months, due to increased special drawing rights (SDR)...

Economy

Consumers were less pessimistic in the third quarter as more jobs opened up, but business sentiment turned sour amid a fresh surge in coronavirus...

Economy

The Philippine central bank fully awarded the short-term securities it sold at an auction on Friday, even as rates rose on growing inflation fears....

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...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

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...

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