The peso lost more strength against the US dollar to hit a two-week low in pre-weekend trade as investors chased the greenback on expectations of better US non-farm payroll (NFP) data.
The currency weakened to P47.16 to $1, losing 13 centavos from its P47.03 finish on Thursday. Friday’s finish was the weakest since December 23, when the peso fell to P47.22.
“With the NFP out tonight [Friday night in US] and by all indications it will be strong, investors opted to chase the dollar, given that a strong NFP number will lead to more Fed hikes,” Nicholas Antonio Mapa, associate economist at the Bank of the Philippines Islands, said.
The peso opened at P47.02 to $1 on the Philippine Dealing System, before trading between P46.90 and P47.17. The total volume of transactions thinned to P663.1 million from P791.3 million in previous trade.