Peso recovers, back at P45:$1

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The peso recovered and returned to the P45:$1 level on Thursday as weak US retail sales dampened sentiment of a Fed lift-off occurring this year.

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The currency gained 15 centavos to finish at P45.85 to the US dollar from P46 on Wednesday.

“US data missed expectations with retail sales and PPI [producer price index]both lagging in September, further reducing expectations of a Fed tightening this year,” Metrobank Research said.

US retail sales growth came in at 0.1 percent versus the expected 0.2 percent, while the PPI figure was -0.5 percent against the -0.2 percent consensus.

“Even the March lift-off is now being questioned given the softness of global economic data,” the research arm of Metropolitan Bank and Trust Co. said.

The peso opened at P45.86 to $1 at the Philippine Dealing System on Thursday before trading between P45.73 and P45.87.

Total volume transacted dropped to $679.5 million from $791.7 million in previous trade.

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