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Peso sustains rally vs. dollar

Posted on February 17, 2014

By Joann Santiago

MANILA, Feb 17 (PNA) — The report about the record-high remittance inflows in 2013 helped boost the Philippine peso’s strength Monday.

The local unit gained P0.30 to a dollar after ending Monday at 44.43 from 44.73 Friday last week.

A trader also attributed the peso’s strength to investors’ decision to sell part of their dollar holdings after a weak turn-out of January 2014 retail sales in the US, which was reported last week.

Retail sales in the world’s largest economy in the first month this year came in -0.4 percent from markets’ estimate of flat growth.

Investors’ doubt on the path of the US economy was intensified by the downward revision of the December 2013 figure of US retail sales to 0.2 percent gain to 0.1 percent previously.

The peso has been strengthening against the peso and Monday’s start is not a different story.

It opened for the day at 44.57 from 44.84 in the previous trading.

It traded between 44.64 and 44.42 bringing the day’s average at 44.52.

Volume of trade reached US$ 930.5 million, higher than the US$ 640.1 million Friday last week.

On Tuesday, the peso is expected to trade between the 44.30 and 44.60 levels to a dollar.

US markets are closed Monday due to the President’s Day. (PNA)

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