Peso surges against US dollar on Wednesday

The Philippine peso surged against the US dollar on Wednesday on more negative economic data from the US as higher expectation for Fed rate delay.

2015_1007_PHP1002

It ended the day at P46.14, or P0.33 better than the P46.47 in the previous trading.

A trader partly attributed this to the widening of US trade deficit in August 2015 to US $48.3 billion, larger than market expectation of about US $47.4 billion.

“This made investors more convinced for the delay in the Fed (Federal Reserve) rate hike to next year,” the trader said.

For the day, the local unit opened at P46.40, sideways from the P46.45 a day ago. It traded between its closing level and P46.44 resulting to an average of P46.27.

Volume of trade further went up to US$ 1.24 billion from day-ago’s US$ 1.11 billion.(PNA)

Facebook Comments

Get Cbanga360 Updates by Email, Because Why Not?

Enter your email address to subscribe and receive notifications of latest stories. By Signing Up, You Agree To Our Privacy Policy And European Users Agree To The Data Transfer Policy.

EASY. CLICK LINK ABOVE or FILL FORM BELOW TO SUBSCRIBE:

Join 704 other subscribers

***

Let's create community! Tell us your thoughts on this article. If logged in with any of your Wordpress.com, Twitter, Facebook, Google+, or registered on this site before, then you can simply write your comment below. Thanks and appreciate your feedback.