Peso-dollar rate hits year-to-date high


By: Likha Cuevas-Miel, InterAksyon.com
April 8, 2013 5:40 PM
 
 
InterAksyon.com
The online news portal of TV5
MANILA - The peso weakened vis-a-vis the dollar, with the exchange rate hitting its highest so far this year in the wake of disappointing US jobs data released over the weekend.
At the Philippine Dealing System, the peso on Monday opened at P41.170, a centavo weaker than Friday's close of P41.160 against the greenback. It traded between P41.170-41.315, before closing 11 centavos weaker at P41.270.
Metropolitan Bank and Trust Co said regional currencies continued to soften against the US dollar.
A local currency trader said the peso's weakness on Monday was a continuation of last week's slump on the back of the "disappointing" US employment data, with non-farm payrolls at 88,000 as against the market consensus of 200,000.
"But sentiment against risk eased as bids were given due to some hedgers and inflows coming into the system," Metrobank said, describing last Friday's foreign exchange trades.
Other factors that may be at play at the currency market were S&P's negative outlook on the United Kingdom's AAA credit rating due to weak economic and fiscal numbers, as well as Fitch's statement that the yen may come under pressure if Japan's trading partners would stop tolerating its weaker currency.
Also weighing in on the currency market was a statement by the US that it wouldn't be surprised if North Korea will have another round of missile tests.
Metrobank sees the peso-dollar pair trading at P40.800-41.450 within the week.

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