Wednesday , July 6 2022

Peso strengthens five months high


1000 pounds bills

Y PESO held its strength yesterday to log in-migration from a large fund, which was supported by five months, even as Philippine's economic growth clogged slower than expected.

The weight closed on B52.57 against the dollar on Thursday, spinning 38 centavos of the P52.95 finish and the previous day was earned. This indicated the fifth instant session when the weight against the dollar was appreciated.

The local unit was trading stronger overall as it opens in P52.83, even touching P52.485 low throughout the session. He touched P52.85 briefly as he was equally high before settling at the closing rate.

Two currency merchants merged for the continual appreciation of the importance to optimize a new market in terms of inflation, boosted by equity inflows by offshore investors.

Committed Dollars yesterday reached $ 1,353 billion, just under $ 1,447 billion on Wednesday.

"They say there's an inflow for San Miguel Corp, perhaps since last week," said one trader, referring to the subsequent bid of the concentrator for his P39.19 billion food and drink unit that came to collection recently.

The trader said that the dollar-weight pair had been moving lower, but these equity earnings saw the recent "overlapping" weekend reclamation of weight.

A second trader stated that the additional inflows would be likely to steal money from overseas Tagalog workers, which in turn helped boost the weight.

"The strength of the current pressure is a result of payments for years, it can also be attributed to the market opinion that inflation has hit down," said the second trader, referring to the constant 6.7% print October published on Tuesday.

On the other hand, the trader said that the third quarter of 6.1% economic growth had been treated as an "inconvenience" investment by investors even if it slowed down from the revised speed of 6.2% in the second quarter.

The trader said the latest result was close to the market consensus rate of 6.2%. A BusinessWorld Among the 15 economists there were median forecasts of 6.3% in July-September.

For Friday, both traders said the market will look to the US as the Federal Reserve ends its two-day policy meeting.

"For the Federal Open Market Committee, it has been estimated that there is more hawkish tune. Any other event can also be moving the dollar-weight," said the second trader.

In general, investors expect the Will to raise interest rates per 25 base points during their December meeting, raising a number of previous statements made by policy makers.

The first trader expects to trade between P52.50 to P52.80 today, while the latter sees the range P52.55-P52.85. – – Melissa Luz T. Lopez

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