Close  

Peso hardly moves as investors hedge over eurozone crisis, China slowdown

/ 09:05 PM October 03, 2012

AFP FILE PHOTO

MANILA, Philippines—The peso moved sideways on Wednesday as investors weighed the effects on the global economy of the crisis in the eurozone, the slowdown of China, and stimulus measures implemented by central banks of various major economies.

The local currency closed at 41.595 against the US dollar, down by half a centavo from the previous day’s finish of 41.60:$1.

ADVERTISEMENT

Intraday high hit 41.59:$1, while intraday low settled at 41.70:$1.

Volume of trade amounted to $798.6 million from $915 million previously.

FEATURED STORIES

The minimal movement of the peso indicated mixed views of investors about how the global economy’s performance over the short term would turn out, traders said.

While reports about moves of central banks in the United States, the eurozone, China and Japan to inject more money into their respective economies fuel hopes of improved global economic performance, traders said the still lackluster employment generation in the United States, problems in implementing austerity measures in Europe, and the slowing growth rates of China and India have been seen dampening growth prospects of emerging markets like the Philippines.

Read Next
LATEST STORIES
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: China’s economy, currencies, European debt crisis, European economy, Foreign Exchange, Philippine peso, stimulus measures, US Dollars
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2019 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.