Peso drops to P52:$1 as US dollar strengthens
Credit to Author: MAYVELIN U. CARABALLO, TMT| Date: Mon, 22 Apr 2019 16:26:21 +0000
The peso dropped back to the P52:$1 level on Monday, hitting a two-week low as the dollar gained strength on anticipation of fresh US economic growth data.
The currency, which opened at P51.75 against the greenback on Monday, lost 28 centavos to close at P52.04, its lowest since a P52.14:$1 finish on April 8.
“The US dollar was generally stronger with US GDP (gross domestic product) numbers set to be released [at the] end [of the] week,” Union Bank of the Philippines chief economist Ruben Carlo Asuncion said.
In a commentary, Metropolitan Bank & Trust Co.’s (Metrobank) Treasury department said the better-than-expected US retail sales growth of 1.6 percent “should provide the US economy the necessary boost heading into their quarterly GDP print this week.”
First quarter US economic growth data is scheduled to be released on Friday (Saturday in Manila). US GDP growth came in at 2.2 percent in the fourth quarter of 2018.
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