UPBEAT US trade and jobs data strengthened weakened the peso against the dollar on Friday.
The local currency lost 4 centavos to P49.91:$1 from P49.87:$1 on Thursday. Total trade volume reached $443.7 million from $645.3 million on Thursday at Philippine Dealing System.
“The peso depreciated today likely because of upbeat US data last night on trade and initial jobless claims,” said Land Bank of the Philippines market economist Guian Angelo Dumalagan.
The US Commerce Department said the trade deficit improved slightly in March, dipping by 0.1 percent to $43.7 billion from the revised $43.8 billion in February.
The US Labor Department reported on Thursday (Friday, PH time) that initial claims for state unemployment benefits dropped 19,000 to a seasonally adjusted 238,000 for the week.
“There might also be some flight to safety ahead of the second round of the French presidential election,” Dumalagan noted.