Invest Daily Pro
  • Economy
  • Investing
No Result
View All Result
  • Economy
  • Investing
No Result
View All Result
Invest Daily Pro
No Result
View All Result
Home Top News

Peso tracks dollar’s broad weakness

by
September 30, 2024
in Top News
0
Peso tracks dollar’s broad weakness
0
SHARES
7
VIEWS
Share on FacebookShare on Twitter
BW FILE PHOTO

THE PHILIPPINE PESO rose against the dollar on Monday, tracking the greenback’s broad weakness after US personal consumption expenditures for August came out cooler than expected.

It closed at P56.03 a dollar, 4.7 centavos stronger than its P56.077 close on Friday, Bankers Association of the Philippines data showed.

The peso opened at P56.03, appreciated to as much as P55.93 and weakened to as much as P56.075 against the greenback. Dollars exchanged went down to $1.29 billion from $1.47 billion on Friday.

The peso tracked the dollar’s broad dollar weakness at the weekend due to the cooler-than-expected US personal consumption data, a trader said by phone.

The personal consumption expenditures price index, the Fed’s favored inflation measure, rose by 0.1% in August after a 0.2% gain in July.

In the 12 months through August, the index rose 2.2% after rising 2.5% in July, Reuters reported on Friday.

The dollar index was weaker at 100.4, while most Asian currencies gained, led by the Malaysian ringgit and Thai baht, which were both up by 0.5%.

Investors were also cautious as the market awaited the US inflation data later this week, the trader said.

Lower global crude oil prices have also supported the peso, Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said in a Viber message.

Brent crude futures for November delivery gained 1.56% or $1.12 to $73.10 a barrel as of 6:11 GMT. That contract was due to expire on Monday, and the more active contract for December delivery climbed by 1.45% or $1.04 to $72.58.

US West Texas Intermediate crude futures advanced 1.36% or 93 cents to $69.11 a barrel. Prices also rose on Friday, though for the week, Brent fell by 3% and WTI fell by 5%.

The trader expects the peso to trade at P55.80 to P56.20 a dollar on Tuesday, while Mr. Ricafort sees it at P55.90 to P56.10. — Aaron Michael C. Sy

ShareTweetPin

Related Posts

Have a taste of the perfect day in paradise with SULÀ Spirits
Top News

Have a taste of the perfect day in paradise with SULÀ Spirits

January 8, 2025
First months of 2025 likely rainy amid La Niña conditions, says PAGASA
Top News

First months of 2025 likely rainy amid La Niña conditions, says PAGASA

January 8, 2025
December inflation rises to 2.9%
Top News

December inflation rises to 2.9%

January 7, 2025
Outstanding debt hits fresh high of P16.09T
Top News

Outstanding debt hits fresh high of P16.09T

January 7, 2025
Outstanding debt hits fresh high of P16.09T
Top News

Outstanding debt hits fresh high of P16.09T

January 7, 2025
PHL end-December dollar reserves drop to $106.8B
Top News

PHL end-December dollar reserves drop to $106.8B

January 7, 2025
Next Post
PSEi drops on profit taking after 4 weeks of rally

PSEi drops on profit taking after 4 weeks of rally

Recommended

Sept. inflation likely eased to 2.5% — Recto

Sept. inflation likely eased to 2.5% — Recto

September 24, 2024
Beyond Flights and Hotels: Popular Travel Extras Loved by Baldwins Travel Customers

Beyond Flights and Hotels: Popular Travel Extras Loved by Baldwins Travel Customers

October 2, 2024
SEC to follow phased timeline for sustainability reporting

SEC to follow phased timeline for sustainability reporting

January 5, 2025
Digital solutions, AI seen to boost PHL education sector

Digital solutions, AI seen to boost PHL education sector

September 25, 2024
SMC power unit eyes $100-M securities offering for projects

SMC power unit eyes $100-M securities offering for projects

September 24, 2024
Ross Beaty: Gold’s Positive Drivers Still at Play, Will Stocks Move in 2025?

Ross Beaty: Gold’s Positive Drivers Still at Play, Will Stocks Move in 2025?

February 2, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 InvestDailyPro. All Rights Reserved.

    Disclaimer: InvestDailyPro.com, its managers, its employees, and assigns (collectively InvestDailyPro ) 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.

    No Result
    View All Result
    • About us
    • Contact us
    • Home
    • Privacy Policy
    • Suspicious engagement
    • Terms & Conditions
    • Thank you

    Copyright © 2025 investdailypro.com | All Rights Reserved