Peso dragged down by bad news on Asian economies
By: Michelle V. RemoPhilippine Daily Inquirer
MANILA, Philippines—The peso fell on Wednesday as unfavorable economic data on some Asian economies pulled down value of the currencies in the region.
The local currency closed at 42.945 against the US dollar, down by 7.5 centavos from the previous day’s finish of 42.87:$1.
Intraday high hit 42.79:$1, while intraday low settled at 43.03:$1. Volume of trade amounted to $1.145 billion from $1.134 billion previously.
Traders said the fall of the peso, which reflected the movement of other key Asian currencies, came following the release of unfavorable economic data that pointed to a potential slowdown of the region.
These included the drop in Korean and Thai exports in December, as well as the slower-than-expected economic growth of Taiwan in the fourth quarter of 2011.
Performance of neighboring countries partly influenced sentiment of investors on the Philippines, traders said. Economic performance of the Philippines may be affected by those of its neighbors, which serve as markets for Philippine-made goods and hosts to overseas Filipino workers.
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Tags: business and finance , currencies , economy , Foreign Exchange , Philippine peso , US dollar
