The Philippine Peso firmed up against the dollar on Tuesday as political uncertainties hounding the Trump administration weighed on the greenback. The local currency gained 25 centavos to close at P51.240:$1 from 51.490 on Friday. ?The Peso appreciated today, as the dollar weakened amid political concerns in the US,? Land Bank of the Philippines market economist Guian Angelo Dumalagan told GMA News Online. According to a report by Reuters, the dollar has recently faced selling pressure from cool US inflation data as well as concerns that ongoing political turmoil will prevent President Donald Trump from implementing much of his aggressive stimulus and tax reform measures. ?The market is seemingly getting over the volatility last week brought about by the political issues in Washington, the Spain terrorist attack, and the US-NoKor tensions,? Union Bank of the Philippines chief economist Ruben Carlo Asuncion said. However, the Bangko Sentral ng Pilipinas was actively present in the market, Dumalagan noted. The active participation of the central bank kept the market and the exchange rate from having wild and volatile swings. ? VDS, GMA News
08-26-2017, 10:41 PM
Peso trades firmer on US political woes
The Philippine Peso firmed up against the dollar on Tuesday as political uncertainties hounding the Trump administration weighed on the greenback. The local currency gained 25 centavos to close at P51.240:$1 from 51.490 on Friday. ?The Peso appreciated today, as the dollar weakened amid political concerns in the US,? Land Bank of the Philippines market economist Guian Angelo Dumalagan told GMA News Online. According to a report by Reuters, the dollar has recently faced selling pressure from cool US inflation data as well as concerns that ongoing political turmoil will prevent President Donald Trump from implementing much of his aggressive stimulus and tax reform measures. ?The market is seemingly getting over the volatility last week brought about by the political issues in Washington, the Spain terrorist attack, and the US-NoKor tensions,? Union Bank of the Philippines chief economist Ruben Carlo Asuncion said. However, the Bangko Sentral ng Pilipinas was actively present in the market, Dumalagan noted. The active participation of the central bank kept the market and the exchange rate from having wild and volatile swings. ? VDS, GMA News
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