• Peso weakest in nearly 5 yrs

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    The peso fell to its weakest level against the dollar in nearly five years on the last trading day of the week following the release of the latest US jobs data.

    The Philippine currency dropped in value to P45.49 to $1, losing 11 centavos from its P45.38 close on Thursday.

    Friday’s close was the lowest finish for the peso since it settled at P45.53 on August 24, 2010.

    The US Labor Department reported that initial claims for unemployment benefits declined 26,000 to a seasonally adjusted 255,000 for the week ended July 18, the lowest level since November 1973.

    The “US initial jobless claims for the period ended July 18, 2015 fell to their lowest level in four decades as the US job market continued to outperform,” Metrobank Research said in a note.

    The latest jobless claims figure was lower than the 278,000 estimated for the period, as well as the 281,000 claims the previous week.

    The local currency opened at P45.43 to $1 on the Philippine Dealing System (PDS) on Friday before trading between P45.40 and P45.50.

    Total volume transacted on the PDS rose to $644.7million from $539.8 million in previous trading.

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