Peso rises on favorable US jobs dataBy Michelle V. Remo
Philippine Daily Inquirer
MANILA, Philippines—The peso rose on Thursday as a favorable report on US employment lifted market sentiment.
The local currency closed at 41.47 against the US dollar, up by 12.5 centavos from the previous day’s finish of 41.595:$1.
Intraday high hit 41.465:$1, while intraday low settled at 41.575:$1.
Volume of trade amounted to $887.3 million from $798.6 million previously.
The appreciation of the peso came following the release of a report showing that firms in the United States created 162,000 jobs in September, beating most forecasts.
Traders said the favorable news ignited hopes that the global economy, which has been dragged by economic problems in industrialized countries, will perform better and thus benefit developing countries like the Philippines, especially in terms of higher export earnings.
The US jobs data raised appetite for emerging-market assets.
The appreciation of the peso came with the rise of the Philippine Stock Exchange Index by 68.22 points to a new record high of 5,443.74.
Short URL: http://business.inquirer.net/?p=85554