MANILA, Philippines—The peso moved sideways on Wednesday after appreciating on Tuesday amid a generally favorable view on the potential performance of the global economy over the short term.
The local currency closed 42.65 against the US dollar, up by one centavo from the previous day’s finish of 42.66:$1.
Intraday high hit 42.58:$1, while intraday low settled at 42.68:$1. Volume of trade amounted to $947 million from $984 million previously.
The slight appreciation of the peso came following the release of the latest World Economic Outlook (WEO) of the International Monetary Fund showing that emerging Asian economies would grow by faster clips in 2013 than this year. In the case of the Philippines, the IMF expects the country to grow by 4.7 percent in 2013 from an estimate of 4.2 percent for this year.
The WEO also showed that the IMF has upgraded its growth estimate for the global economy for this year from 3.3 percent to 3.5 percent. The upgrade came amid the slightly improving employment situation in the United States.