Peso weakens on poor US growth data

GMA News Online – Thu, Jan 31, 2013

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The peso weakened on Thursday tracking developments in the United States. The Philippine unit shed six centavos to close 40.685:$1 on Thursday from Wednesday's 40.625:$1 close. Some $719.8 million were traded on Thursday, lower than the $943.3 million volume the day previous. "The peso weakened on continued concerns on global growth after a weaker than expected US growth data was released overnight," a trader said. Official data released in the US overnight showed the economy contracted 0.1 percent in the last quarter of 2012. That is the first time that economic output has fallen since the second quarter of 2009. The trader also said corporate buying to service month-end requirements and the US Federal Reserve's decision to continue but not intensify its bond buyback program pulled the peso further. Tracking US jobs and manufacturing data as well news in China, the trader sees the peso moving within the 40.65 to 40.80 per dollar band. — BM, GMA News

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