Peso dips over reports of declining home sales in US
MANILA, Philippines — The peso weakened on Monday as the report of a decline in home sales in the United States dampened sentiment on growth prospects for the global economy.
The local currency closed at 43.06 against the US dollar, down by 10.5 centavos from Friday’s finish of 42.955:$1.
Intraday high hit 42.88:$1, while intraday low settled at 43.075:$1. Volume of trade amounted to $949.5 million from $932.76 million previously.
The depreciation of the peso, together with other Asian currencies, came following the release of a report showing that home sales in the United States dipped in February from the previous month, causing home prices to fall.
Traders said the report made investors rethink a previously better outlook on the global economy supported by improved employment figures for the United States.
The United States is the Philippines’ biggest export market and is home to many overseas Filipino workers, whose remittances help fuel household consumption.
