Quantcast

Peso rises on growth of US services

By |

MANILA, Philippines—The peso strengthened on Wednesday following reports that the US services sector grew in February.

Traders said the improvement boosted hopes for better global economic recovery this year.

The local currency closed at 40.69 against the US dollar, up by 2.5 centavos from the previous day’s finish of 40.715:$1.

Intraday high hit 40.67:$1, while intraday low settled at 40.70:$1.

Volume of trade reached $498.5 million compared with the $842.285 million previously.

The appreciation of the peso came following the release of a report that the Institute for Supply Management’s non-manufacturing index increased to 56 in February from 55.2 the previous month.

The news supported views that the United States may still register faster growth this year despite budget cuts for the Federal government.

Traders said this partly fueled appetite for emerging-market assets like peso-denominated ones.


Follow Us







Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement
Marketplace