Peso buoyed by positive sentiment for Asian economies
MANILA, Philippines—The peso inched up on Tuesday amid a generally positive sentiment for Asian economies that resulted from reports of favorable growth rates in the first quarter.
The appreciation of the peso, which mirrored the rise of other major Asian currencies, came following the release of official reports that Thailand grew by 3 percent in the first quarter from a year ago, the fastest pace in a year, and Taiwan grew by faster-than-expected 6.55 percent.
The peso closed at 43.4 against the US dollar, up by 3 centavos from the previous day’s finish of 43.43:$1.
Intraday high stood at 43.36:$1, while intraday low settled at 43.5:$1. Volume of trade amounted to $730.93 million, down from $867.43 million the previous day.
Traders said the reports on the growth rates of Thailand and Taiwan rekindled optimism of investors about developing Asian countries, which have been seen to lead this year’s global growth.
The appreciation of the peso and regional currencies on Tuesday halted the previous days’ depreciation, which was caused by investor concern over the debt situation of some countries in the Euro zone. The debt woes in the West have been dampening sentiment for developing countries in general, traders said.
