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Peso weakens over US fiscal problem

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AFP PHOTO

MANILA, Philippines—The peso weakened against the US dollar on the first trading day after Christmas as concerns over the US fiscal problem, which dampened outlook on the global economy, prompted some risk-averse fund owners to shift to the greenback and away from assets denominated in emerging market currencies.

The local currency closed at 41.16 against the US dollar, down by 9 centavos from 41.07:$1 on Dec. 21.

Intraday high hit 41.13:$1, while intraday low settled at 41.17:$1. Trading was thin with the volume reaching only $344.9 million compared with $867.8 million previously.

Traders said some fund owners took their yearend positions in favor of the greenback, which was still considered the most liquid currency, amid uncertainties in the global economy toward 2013. The uncertainties are being caused partly by questions of whether the US government will be able to implement key fiscal measures needed to avoid a crisis.

The prolonged eurozone crisis has been another cause of uncertainty, traders said.


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Tags: business and finance , currencies , Foreign Exchange , Philippine peso , Philippines , US dollar

  • http://www.facebook.com/profile.php?id=1405060221 Fearless Gara

    mAHIRAP sating mga pilipino”Crab mentality” nasa bawat isa ang pagbabago.hindi pwedeng iaasa lng sa gobyerno.kailangan kumilos din tayo.

  • dxdaistar

    cge payag na kayong mga OFW ng 55pesos to 1 $? at fixed na ito for at least 5 years para makapag-plano naman kayo. Payag na kami. Kaso ang gobyerno natin pilit pinagyayabang na ok na ang ekonomiya ng Pinas kahit hindi.

  • http://profile.yahoo.com/P4PIU2AIGVXJNQ4UBH5X64MSFE mr

    It should be P60 to $1 para naman happy mga OFW at kababayan natin na nagpapakahirap sa abroad habang iba dyan yumayaman sa pagtaas ng mga presyo ng bilihin.

    • ceejay2420

      While pangit nga sa mga OFW, tulad ko, na mababa ang dollar, mahirap din pag masyadong mataas like P55/$. Kasi pag mataas ang value ng dollar, like P55, susunod na tataas din ang gasolina at mga bilihin tulad ng pagkain. Dahil lahat ng langis ay imported kasama na ang mga makina at major ingredients at materials gamit sa manufacturing, tumataas din ang mga bilihin na mga pamilya ng OFW at lahat ng Pinoy. 

      Ang masama pa dito, lumalaki din ang halaga ng mga inutang ng gobyerno pag tumaas value ng dollar. Ang nangyayari tuloy napupunta halos lahat ng collections ng BIR at Customs sa pambayad sa utang, konti na lang ang natitira para sa gastusing pagpapagawa ng schools, tulay, kalsada at hospital.Di uunlad ang buhay ng Pinoy kung di tayo patuloy na magpapagawa ng infrasturctures. 

      Ang maganda sana ay maging stable ang halaga ng peso. Yun bang hindi palundag-lundag. Pag ganito, favor ito sa mga OFW, dahil napapaplano namin maayos ang aming gastusin.Pabor din ito sa mga investors na gustong magtayo ng negosyo sa atin at mabigyang ng hanap buhay ang marami nating kababayan. Naprepredict nila ang kanilang gastusin at kikitain sa mahabang panahon. Of course, ang political stability may kinalaman din sa investments pero malaki din ang role ng exchange- rate. 

       



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