MANILA, Philippines—The peso inched up again on Thursday as reports of higher manufacturing output in China and growth in factory orders in the United States lifted the investment appetite of portfolio fund owners.
The local currency closed at 42.23 against the US dollar on Thursday, up by 5 centavos from Wednesday’s finish of 42.28:$1 and 20 centavos from Fridays 42.43:$1. Intraday high hit 42.17:$1, while intraday low settled at 42.28:$1. Volume of trade amounted to $777.53 million, up from $511.28 million previously.
Traders said the latest news on China’s manufacturing production and US factory orders gave hope that the Philippines and other developing Asian countries would not experience significant slowdowns in their exports.
Exports by emerging Asian markets had been slowing down in the past month or two due to anemic demand from the United States and European countries, which have been facing tough economic challenges.
The reports on improved manufacturing in China and US factory orders, however, have somewhat lifted the dim outlook on Asian exports, traders said.
China’s manufacturing output, measured by the managers’ purchasing index, improved to 50.9 in August from 50.7 in July, marking the first month-on-month increase in the last five months.
US factory orders grew by 2.4 percent in July from that in June, official statistics showed.