Peso firms up as US data disappoints

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The Philippine peso strengthened against the greenback on Friday as US economic data failed to meet market expectations.

“US data releases overnight disappointed the markets,” Metropolitan Bank & Trust Co. (Metrobank) said in its daily market note.

The local currency firmed up by 7 centavos at P49.76:$1, from P49.83 pm Thursday.

US jobless claims of 244,000 for the week ended April 15 was slightly higher than analysts’ consensus of 242,000, but the Philadelphia Fed manufacturing Index fell to 22 from 32.8 in the preceding month.

“Analysts had expected it to mark at 25,” Metrobank said.

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