By Joann Santiago
MANILA, Jan. 9 (PNA) — Risk sentiment among investors returned Friday enabling the peso to recover to a US dollar.
The local unit finished the year’s first trading week at 44.95, which is also the currency’s opening level for the day and is better than day-ago’s 45.06.
A trader said this is in-line with the movement of other Asian currencies on back of positive economic reports in the US such as the drop in the world’s largest economy’s trade deficit last November.
”Helping boost the sentiment further was the positive surprise in exports,” the trader said.
Uncertainties on the path of global growth remain but the Philippine Statistics Authority (PSA) on Friday reported that the country’s exports grew by 19.7 percent in November, a tad lower than the 19.8 percent expansion same period in 2013.
The trader said actual growth of Philippine exports last November is unexpected since worries on global growth continue to linger.
With the resumption of investors’ risk sentiment, the peso moved in close range Friday after it traded between 44.97 and 44.92 resulting to a 44.94 average.
Volume of trade reached USD 772.3 million, slightly higher than the USD 609.4 million a day ago.
Next week, the currency pair is seen to trade between 44.80 and 45.10. (PNA)