Peso rises over improving jobs report from US
MANILA, Philippines—The peso inched up on the first trading day of the week following the release of reports of improved job situation in the United States.
The local currency closed at 42.55 against the US dollar on Monday, up by 5 centavos from Friday’s finish of 42.6:$1.
Intraday high hit 42.52:$1, while intraday low settled at 42.7:$1. Volume of trade amounted to $1.032 billion from $1.011 billion previously.
Traders said the decline in unemployment rate in the United States to 8.3 percent in January, the lowest in three years, boosted hopes of increased demand from the world’s biggest economy. Higher demand from the United States bodes well for earnings of exporters from emerging markets, such as those from the Philippines.
Economists said the positive impact of a potentially improving US economy could help offset the ill-effects of the lingering debt crisis in the eurozone.
The United States and the eurozone are two major export markets for the Philippines and many other emerging economies.
