Peso falls over news of slumping US consumer sentiment

MANILA, Philippines — The peso fell on the first trading day of the week as deterioration of US consumer sentiment dampened outlook for export earnings of emerging Asian economies like the Philippines.

The local currency closed at 42.775 against the US dollar on Monday, down by 11.5 centavos from Friday’s finish of 42.66:$1.

Intraday high hit 42.7:$1, while intraday low settled at 42.81:$1. Volume of trade amounted to $672.94 million from $1.107 billion previously.

The depreciation of the peso, which moved together with other key Asian currencies, came following the release of estimates that the index on US consumer sentiment fell slightly in early April largely due to rising oil prices.

Traders said the impact of the latest data on consumer sentiment has partially offset optimism of the market resulting from an improving employment figures in the United States.

They said the market closely has been closely following economic developments in the United States given the country’s influence on export earnings of emerging markets like the Philippines.