Skip to content

Philippines Today

home of the Global Filipino

Menu
  • News Stories
  • Regional News
  • Business & Economy
  • Science & Technology
  • International
Menu

Peso down vis-à-vis Yellen’s Congressional speech, PSEi recovers

Posted on July 15, 2014

MANILA, July 15 (PNA) — Combination of uncertainties on the speech of Federal Reserve Chairman Janet Yellen before US lawmakers this week along with possible impact of Typhoon Glenda on the economy in general made the peso weaken to a dollar Tuesday.

The local currency shed P0.12 after it capped the day at P43.61 from P43.48 Monday.

BPI lead economist Emilio Neri Jr. said the peso closed in line with regional trend due in part to Yellen’s speech before US Congress since last night.

He said Yellen is also expected to speak before the US Senate, thus, the anticipation on what she will disclose increased.

”The markets are more cautious after what happened after her speech before Congress a few months ago. Hopefully, the peso will not weaken as before especially if she will not say anything new,” he said.

Neri said the speech of President Benigno Aquino III Monday night, wherein he explained the reason for the implementation of the Disbursement Acceleration Program (DAP), also factored in during the day’s currency and stocks trading.

He said the impact is limited “but it was not totally shrugged-off.”

”There’s a slight uncertainty that it might cause some tension among the major branches of the government,” he said.

Relatively, Tropical Storm “Glenda” is now causing heavy rains in some Bicol Region provinces as well as other Luzon provinces.

The typhoon is a strong one and Neri raised the possibility that currency and stocks trading might be suspended if it results to heavy rains even in the National Capital Region.

The peso started the day at P43.53, sideways from the P43.50 a day ago.

It traded between P43.67 and P43.51 bringing the day’s average to P43.59.

Volume of trade reached US$ 846.3 million, higher than the US$ 529.3 million Monday.

For Wednesday, the peso is expected to trade between P43.50 and P43.70.

For the rest of the month, the peso is expected to trade generally quiet unless there are reports that are unexpected.

”It is expected to trade closer to the 43.50-level until the rest of the month,” Neri added.

Relatively, the Philippine Stock Exchange index (PSEi) recovered Tuesday after gaining 0.05 percent or 3.67 points to 6,834.04 points.

The sub-indices posted mixed results with half of it registering improvements while the other half ending on the red.

Those that registered gains are led by the mining and oil, which grew 0.62 percent or 101.33 points to 16,487.46 points.

The other gainers are the holding firms and the financials.

On the other hand, the industrial counter posted the highest decrease with 0.29 percent or 29.80 points to 10.310.90 points.

This was followed by the property and services as well as the all shares index.

Volume of trade reached 1.41 billion amounting to P5.7 billion.

Decliners led advancers at 114 to 65 while 45 were unchanged. (PNA)

Share this:

  • Facebook
  • Twitter
  • LinkedIn
  • Pinterest
  • More
  • Tumblr
  • Reddit

Related

News Categories

  • Announcement (34)
  • Business & Economy (1,567)
  • Comment and Opinion (74)
    • Random Thoughts (18)
  • Current Issues (425)
    • Charter Change (1)
    • Election (228)
    • Population (6)
  • International (389)
  • Life In Japan (66)
    • Everything Japan (41)
  • Literary (34)
  • Miscellaneous (610)
  • News Stories (5,312)
  • OFW Corner (297)
  • Others (75)
  • People (408)
  • Press Releases (163)
  • Regional News (3,362)
  • Science and Technology (502)
  • Sports & Entertainment (287)

Latest News

  • BSP keeps policy rates anew December 17, 2015
  • NEDA cuts PHL additional rice import for 2016 by 25% December 17, 2015
  • DA cites serious implications of banning genetically modified products December 17, 2015
  • BBL is not yet dead – Drilon December 17, 2015
  • Comelec recognizes Duterte’s CoC for president December 17, 2015
  • NEDA chief sees 2015 growth at 6% despite typhoons December 17, 2015
  • House of Representatives ratifies bicam report on P3.002-T national budget for 2016 December 17, 2015
  • Cebu-based developer invests PHP430M to build 709 townhouse units in north Cebu town December 17, 2015
  • City gov’t eyes P75-M income from economic enterprise December 17, 2015
  • Baguio City LGU presents traffic plan for holiday season December 17, 2015

Archives

Meta

  • Log in
  • Entries feed
  • Comments feed
  • WordPress.org

Science and Technology

  • DOST-ICTO targets 500,000 web-based workers from countryside by 2016
  • (Feature) STARBOOKS: A ‘makeover’ for librarians
  • Science, research reduce ‘cocolisap’ hotspot areas in PHL
  • Montejo to further improve PAGASA and empower scientists
  • 1st PPP in biomedical research produces knee replacement system fit for Asians

Press Releases

  • Microsoft to buy Nokia’s mobile devices business for 5.44-B euros
  • New World Bank climate change report should spur SEA and world leaders into action: Greenpeace
  • Save the Philippine Seas before it’s too late — Greenpeace
  • Palanca Awards’ last call for entries
  • Philippines joins the global call for Arctic protection

Comment and Opinion

  • Remembering the dead is a celebration of life
  • Killer earthquake unlikely to hit Panay Island in near future – analyst
  • It’s not just more fun to invest in the Philippines, it is also profitable, says President Aquino
  • How does one differentiate a tamaraw from a carabao?
  • Fun is not just about the place, it is also about the people, says DOT chief

OFW Corner

  • Ebola infection risk low in Croatia
  • Death toll rises to 41, over 100 still missing in landslide in India
  • Asbestos use in construction a labor hazard
  • 500,000 OFWs to benefit POEA on-line transactions — Baldoz
  • 25 distressed OFWs return home from Riyadh
©2025 Philippines Today | Design: Newspaperly WordPress Theme