Peso seen to weaken anew
After its continued rally last week, where it breaks into the P44 mark, economists say that peso is seen to weaken anew, adding that it would be seen retreating back to P46-to-$1 at the height of the local and national elections.
Having a pause from its seven-day rally against the dollar last Thursday, the local currency ended 15 centavos weaker at P44.95 per $1 from Wednesday’s P44.80 per $1 finish.
However, traders noted this weakening as a “correction of the peso” after enjoying seven straight days of gains. Marcelo E. Ayes, senior vice-president of the Rizal Commercial Banking Corp. said, “The correction was expected. Technically, the peso was due for a correction”
He even added that the decline was a little tame, as he was expecting the peso to hit P45.10 to P45.20.
Meanwhile Tim Condon of the Netherlands-based investment bank ING said the local currency is likely to retrace the 46 level after appreciating on the back ofВ of benign inflation and within ceiling budget deficit figures.
“We expect the US dollar to Philippine peso to retrace above P46 to $1 as the political risk intensifies around the May general election,” he stressed.
April 10, 2010
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Tags: business news, finance, Foreign exchange, money, P46 to $1, Philippine pose, US dollar В· Posted in: banking, Consumers, economy, finance, Foreign exchange, money, Philippine business news, Philippines
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Philippine Peso to climb up to P43 to $1 | Money and Finance - April 20, 2010
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