Peso rises on reports of payroll increase in USBy Michelle V. Remo
Philippine Daily Inquirer
MANILA, Philippines—The peso rose on the first trading day of the week as the market responded favorably to reports of an increase in payrolls in the United States.
The local currency closed at 40.595 against the US dollar, up by 10 centavos from Friday’s finish of 40.695:$1.
Intraday high hit 40.58:$1, while intraday low settled at 40.67:$1.
Volume of trade reached $938.5 million from $736.55 million previously.
The appreciation of the peso came together with the strengthening of some other Asian currencies, demand for which was boosted by reports of the improving employment situation in the world’s biggest economy.
Traders said reports that payrolls in the non-farm sector of the United States grew in January from a year ago fueled positive sentiment for the global economy, thereby lifting appetite for emerging-market assets, including peso-denominated ones.
The appreciation of the peso came with the increase in the Philippine Stock Exchange Index (PSEi) by 117.37 points to 6,435.98.