PHI Peso Surges 3 Year High $1 USD to ₱49.55 Php

Philippine Peso during 1949 to 1969 English Peso Version as P 1 = $1 USD
Philippine ₱1 Peso - English Series from  year 1949 to 1969 honoring Philippine Hero Apolinario Maranan Mabini

Peso surges to three-year high

The peso climbed versus the dollar on Friday to its strongest level in over three years on progress in the development of a vaccine for the coronavirus and better economic data overseas.

The local unit finished trading at ₱49.55 per dollar on Friday, rising by 18 centavos from the ₱49.73 close on Thursday, data from the Bankers Association of the Philippines showed.

Week-on-week, the currency also appreciated by 37 centavos from its ₱49.92 finish on June 26.

The peso opened the session at ₱49.70 per dollar, which was also its intraday low. Meanwhile, its best showing was at its close of ₱49.55.

Dollars traded rose to $758.3 million from the $615.66 million recorded on Thursday.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso was supported by prospects of a vaccine for the coronavirus disease 2019 (COVID-19) as well as better data from the US.

“The peso exchange rate closed the strongest in more than three years or since June 14, [2017]’s close of ₱49.505, after stronger-than-expected US jobs data and positive developments on possible vaccine versus COVID-19 led to improved global market risk appetite,” Mr. Ricafort said in a text message.

Reuters reported that data from the US Labor Department showed non-farm payrolls climbed by 4.8 million jobs in June, a record high since the government started keeping records in 1939. This, as more restaurants and bars reopened as restrictions have been eased.

On the other hand, a trader attributed the peso’s gains to improvement in China’s services sector.

“The peso strengthened further after Chinese services data came out stronger-than-expected, spurring optimism of gradual recovery in the global economy,” the trader said in an email.

Reuters reported the Caixin/Markit services Purchasing Managers’ Index increased to 58.4, the highest reading since April 2010, from the 55 logged in May. A reading above 50 shows expansion.

China’s services sector accounts for 60% of the country’s economy and half of urban job creation. — LWTN with Reuters / Business World
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