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Peso strengthens on positive news

The peso strengthened Wednesday as it tracked the movement of other Asian currencies.

The peso closed at 43.43 to a dollar, stronger than the 43.46 closing reported the day before.

The peso started strongly, opening at 43.30:$1. It was at its weakest at 43.45, which was still stronger than Tuesday’s close.

Trading volume was thinner at $969.4 million against $1.1 billion the previous day.

Asian markets rallied Wednesday as sentiment turned positive on hopes of a stronger recovery of the US economy.

In China, monetary authorities also provided cash to some financial institutions to curb fears of a possible cash crunch in Asia’s biggest economy.

The People’s Bank of China earlier this week said it would discourage loan growth on the mainland to curb risky lending by Chinese banks, raising growth concerns among investors.

The peso climbed on news that imports to the Philippines grew 7.4 percent year on year last April, the first monthly increase recorded this year.

Higher import levels signaled a recovery in the country’s export sector, which dropped 12.8 percent in the first quarter of 2013. A significant portion of the country’s exports is made up of finished products assembled from imported components.

Jonathan Ravelas, chief market strategist at BDO, earlier this week said market players should look beyond the US Federal Reserve’s statements on the end to easy money policies, which originally sparked the selloff in Asian markets.

“This is actually good news for the United States as it highlights that the US recovery is gaining traction. A recovering US economy should be good for the global economy,” he said.

The United States is the Philippines’ biggest trading partner. The Philippines also receives more investments from the US than any other country in the world.—Paolo G. Montecillo

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Tags: currencies , Peso , Philippines

  • Ako_Hiking

    The Philippine is getting some good news on paper seemingly with all the credit ratings and growth and other stuff from surveys but it’s tough reading all these good economic news but realize that the poor masses remain poor and hungry with their situation showing no improvement during all these supposed good economic news.


    EMPTY barrels make the LOUDEST NOISE!

  • 80baudot95

    no matter what some who doesn’t understand the news and the activities of the equities market say, the fact is that the principles of market forces, economics, and investments are in play here, be it equities, bonds, government securities, money market, supply of rice or sugar, or even selling cigarettes on sidewalks. those who understand what liquidity means are in control. people who have too much cash on hand become very nervous. the u.s. gdp only grew 1.8% in Q1. that means they have a liquidity problem, i.e. people aren’t buying goods and the u.s. govt is under pressure to cut spending. but the reverse is happening in the PH because govt continues to increase spending and for various reasons, pinoys have money to spend for goods resulting in too much liquidity, i.e. too much money in circulation. if too much money (cash) in circulation it’s the central bank people who cannot sleep because they have to regulate the too high liquidity for fear of inflation (e.g. too much money for buying not enough goods left for sale, etc.). if more people are looking for u.s. dollars tataas ang exchange rate, naturally (economics supply & demand law). on the other hand, people who do not have any cash and also have nothing up there are merely making funny and ignorant comments.

    • Chrisnadal19

      Agree.. it’s really those who don’t know makes the most noise.

  • http://usc.edu.us/ Booby Trapped

    Naks naman. Nakabawi si utotoy!

  • prince_janus

    Anyare? Saan na ba yung pinagmamalaki ni PNOY na pag-angat ng ekonomiya via stock market? Its time to unload my stocks medyo nalulugi na. Hmmpt.

    • prince_janus

      e kasi nag-pull-out daw ang mga investor dito sa atin dahil lumalakas yung ekonomiya ng amerika?

  • Weder-Weder Lang

    Peso strengthens? That’s how PNoy and his KKKurrency speculators love it. Keep it up baby.

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