• Peso gains strength after US data releases


    The peso on Wednesday closed at its strongest in a more than week against the dollar following the release of latest US economic data.

    The Philippine currency gained 11 centavos to close at P47.22 to $1 from Tuesday’s P47.33.
    Wednesday’s finish was the strongest since December 10, when the peso stood at P47.19.

    “The dollar remained broadly lower against the other major currencies after the release of downbeat US economic reports, dampening demand for the greenback,” Metrobank Research said.

    US gross domestic product (GDP) grew at an annual rate of 2 percent in the third quarter, better than expectations of 1.9 percent but down sharply from 3.9 percent in the second quarter.

    US existing home sales, meanwhile, tumbled 10.5 percent to a 10-month low of 4.76 million units last month from 5.32 million in October.

    The peso opened at P47.25 to $1 at the Philippine Dealing System before trading between P47.20 and P47.31.

    Total transactions rose to P427 million from P394.3 million on Tuesday.


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