Peso has put together a week of strength, tracking similar gains across peers with market sentiment shifting given positive geopolitical developments.
The peso could go as high as P51.2 versus the greenback but no lower than P51.4.
The local unit, the peso, is seen stronger against the US dollar this week, various private sector economists said over the weekend.
This, following the peso’s strong P51.29 finish against the dollar during Friday’s trading, a 13-centavo improvement versus only P51.42 per dollar on Thursday.
Security Bank chief economist Robert Dan Roces said the Philippine peso could range as high as P51.2 versus the greenback but no lower than P51.4 against the same amid external factors such as the uncertainty generated by the Brexit issue.
Three decades after the Marcopper mining disaster devastated Marinduque’s waterways, the province is again pressing the…
Housing is probably the biggest issue affecting people the world over.
Malacañang on Monday called for a more thorough investigation into the questioned flood control projects in Taguig…
The defense on Monday backed the move by senator-judges to exclude a prosecution witness who testified on the firearms…
“(On Thursday), the dollar sunk as the peso strengthened after weak retail sales released in the US, closing at the low of P51.42, just one cent below our major support level at P51.43. The agreement between the United Kingdom and European Union did not help the dollar as it further dropped after the market closed, as both sides have since May this year,” Roces said in an email.
“(On Friday), the peso strengthened on the dollar’s weakness. For early next week, we expect this trend to continue if Brexit passes in Parliament. However, all indications today show that Brexit will be hard pressed to get by its lawmakers, as such levels might be sideways with a slight uptick bias,” he added.
Rizal Commercial Banking Corp. lead economist Michael Ricafort forecasts a stronger peso this week, ranging from a high of P51 to a low of P51.5 per dollar range.
“The exchange rate could range P51 to P51.5 next week. Peso had been stronger recently amid some seasonal increase in overseas Filipino worker remittances in the fourth quarter for some tuition payments this time of the year and ahead of Christmas-related spending,” Ricafort said in a text message.
“Improved risk appetite amid positive developments on Brexit and US/China trade talks would also further support the peso,” he added.
ING Bank senior economist Nicholas Mapa shared the same sentiment as he noted external and domestic factors such as the recent balance of payments data which stood as a surplus in September.
