Peso unchanged at 43.475 to US dollar
MANILA, Philippines—The peso was unchanged on Tuesday as speculations about efforts to further stimulate growth in advanced economies of the West offset global economic concerns of investors.
The local currency closed at 43.475 against the US dollar, the same as the previous day’s finish.
Intraday high reached 43.28:$1, while intraday low settled at 43.50:$1. Volume of trade amounted to $915.56 million from $655 million previously.
The behavior of the peso came as some economists expected the US Federal Reserve to implement stimulus measures following data showing unfavorable employment situation in the United States. Moreover, European monetary authorities are also seen to tackle further measures to address the debt crisis in the eurozone in their meetings.
The expectation of stimulus measures is being weighed by investors against the ongoing ill-effects on the global economy of the ongoing debt and economic problems of the advanced economies, according to traders. The eurozone and the United States are key export markets for many emerging economies like the Philippines.
