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THE peso
on Wednesday fell seven centavos after a slew of
negative economic data locally and abroad were released,
currency traders said.
The
local currency closed at its intraday low of P44.31 to a
dollar from Tuesday’s close of P44.24.
Total
trade volume rose to $607.85 million from the previous
day’s $565.44 million.
“The
market is sensitive with any negative economic news
right now. In the US, there is the threat of high
inflation, as there is here. And then there was the
announcement that unemployment rate had risen to 8
percent in May, compared to 7.4 percent in January,” the
trader said.
Another
currency trader said the peso fared better in early
trade, reaching its two-week high of P44.05 as trading
became dominated by weak dollar sentiment and suspected
central bank intervention to smoothen the volatility of
its currency.
“The
dollar is weak because expectations that the Fed will
hike interest rates have tamed down because of a slowing
US economy. The central bank was also there, buying
dollars at P44.05,” the trader said. |
