Peso falls anew on reports of anemic consumer spending in US
MANILA, Philippines—The peso once more fell on Wednesday as reports showing an anemic consumer spending in the United States dampened appetite of foreign investors for emerging-market assets.
The local currency closed at 42.23 against the US dollar on Wednesday, down by 8 centavos from 42.15:$1 on Tuesday.
Intraday high hit 42.21:$1, while intraday low settled at 42.41:$1. Volume of trade amounted to $1.225 billion, up from $785.25 million previously.
Traders said the decline of the peso, which mirrored the movement of other key Asian currencies, was influenced by the unfavorable report about consumer spending in the United States.
US consumer spending dropped in June for the first time since 2009, eliciting opinions that the US economy’s recovery from the recent global economic turmoil is being derailed.
The US is the Philippines’ biggest export market and is home to many migrant Filipinos, whose remittances largely fuel household consumption in the Philippines.
