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Peso slides on news of bird flu, North Korea nuclear test

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MANILA, Philippines—The peso continued its slide on the first trading day of the week as the bird-flu scare in China and Taiwan, and the nuclear program in North Korea bothered financial markets.

The local currency closed at 41.27 against the US dollar on Monday, down by 11 centavos from Friday’s finish of 41.16:$1.

Intraday high hit 41.17:$1, while intraday low settled at 41.315:$1.

Volume of trade reached $859.8 million from $1.116 billion previously.

The depreciation of the peso came following reports that bird flu broke in China and spread to Taiwan. The health problem is seen adversely affecting the tourism industry and, if not contained, could drag economies.

Moreover, the fall of the peso and other actively traded Asian currencies came following reports of North Korea’s preparations for a missile test.

Traders said the developments in the Philippines’ neighboring countries have dampened appetite for assets in the region, including peso-denominated ones.


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Tags: Bird Flu Scare , Business , business and finance , China , currencies , economy , Foreign Exchange , North Korea , Nuclear Missile Tests , Philippine peso , US dollar

  • mamer2

    Could ‘somebody’ please explain WHY…, and HOW…,
    can the “Bird Flu virus’ & the ‘North Korean Nuclear Crises’ affect our Peso to $ rate.?.?

  • upupperclassman

    Why HK$ to US$ exchange rate has remained steady and not affected by bird flu when Hong Kong is right at the doorstep of the source?

  • brentcom

    sana tuluy tuloy na hanggang 45:1. asan yung mga hunghang na analyst na ang sinasabi mag-aapreciate ang peso to 39:1. mga kumag. ala sige saan kayo mga bopols. magandang balita to sa OFW. ( malakas nga ang piso mahina namn purchasing power)

  • http://www.facebook.com/allcad123456 Allan Cadigal

    sana magslide pa yan mga 60 man lang

  • axe musk

    Good news for OFWs…..

  • pinoy_gwapos

    sana ibalik sa P56 / $1

  • http://www.facebook.com/people/Ronnie-Mendoza/100000237748107 Ronnie Mendoza

    Ganon? Pati Bird flu nakaka apekto sa peso natin? Hmmm…..ano pa kaya ang susunod?

    • http://www.facebook.com/julian.desota Julian de Sota

      hahahaha..at kung gumanda dahil kay PNoy… attribution is..when it is politically convenient …



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