Global uncertainty weakens Phl peso
The perception that US trade talks with China are doomed to fail gave the dollar a boost Friday on the Philippine Dealing System — the foreign exchange trading center.
The peso lost 0.06 centavos to close the session at P52.33:$1 from 52.27 Thursday.
“Movements today were influenced by comments from US officials that trade talks with China are unlikely to succeed,” said Guian Angelo Dumalagan, market economist at Land Bank of the Philippines.
“There was also data from Japan showing weak inflation. These two latest developments, along with continued expectations of more US rate hikes ahead, contributed to the peso’s weakness.” he said.
“The US dollar usually benefits from global uncertainty due to its safe haven status,” Dumalagan noted.