Peso rises to 42.13 to dollarBy Michelle V. Remo
Philippine Daily Inquirer
MANILA, Philippines—The peso inched up on Wednesday as reports on the G20’s commitment to help solve the eurozone debt crisis and the US Federal Reserve eyeing stimulus measures lifted market sentiment.
The local currency closed at 42.13 against the US dollar on Wednesday, up by 16 centavos from 42.29 on Tuesday.
Intraday high hit 42.06:$1, while intraday low settled at 42.22:$1. Volume of trade amounted to $1 billion from $921.82 million previously.
Traders said the meeting this week where G20 leaders committed to help solve the debt woes of the eurozone raised hopes the crisis in the Western region would be contained.
They also said speculations that the US Fed would implement another stimulus program eased concerns over the volatile and sluggish performance of the US economy. Reports that the US Fed has been contemplating a stimulus program came following reports that consumer prices in the world’s biggest economy fell in May from a year ago, indicating that demand remained anemic.
The United States and the eurozone are two major export markets for goods coming from the Philippines and other emerging economies. Traders said sentiments over the US and eurozone economies have been affecting appetite for securities from the emerging markets.
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