The peso closed at its strongest level in two weeks against the greenback on weaker-than-expected US jobs data.
The local unit gained 13 centavos to finish at P45.02 to $1 from P45.15 on Thursday. Fridays’s close was the strongest for the peso since it settled at P44.95 on June 18.
“The peso moved in line with the regional currencies, which managed to rally in the wake of the weaker-than-anticipated US jobs report,” said Nicholas Antonio Mapa, associate economist at the Bank of the Philippine Islands (BPI).
The change in non-farm payrolls missed estimates of 233,000 at 223,000 in June.
“The tepid job growth pushes back expectations for a Fed rate hike to December,” Mapa said.
The initial jobless claims in the US, on the other hand, came out higher than expected, at 281,000 in the week ending June 27, from 271,000 the previous week.
The peso opened at P45.10 to $1 on the Philippine Dealing System (PDS) on Friday, before trading between P45 and P45.12.
Total volume transacted on the PDS fell to $452.6 million from $467.2 million in previous trade.