THE peso slipped against the dollar once more on Friday due to upbeat US economic data amid looming trade tensions abroad.
The local unit ended today’s session at P52.55 against the dollar, moving sideways from the P52.52-per-greenback finish on Thursday.
The peso immediately slipped as it opened the session at P52.56 versus the US currency. It declined to a low of P52.635, while its best showing stood at its P52.55 close.
Dollars traded thinned to $587.5 million from Thursday’s $886.88 million.
A trader said the peso weakened due to the “firm” US personal consumption expenditure data released last night.
“The peso generally weakened today following the release of Personal Consumption Expenditure (PCE) inflation data, which…  kept firm last night, giving strength to the dollar,” the trader said in an e-mail.
In a Reuters report, the PCE price index, excluding volatile food and energy components, rose 0.2% for the third straight month in April, leaving the year-on-year “core” PCE price index at 1.8%.
The trader said the PCE is the “US Federal Reserve’s preferred inflation target.”
The data came alongside with the growth of consumer spending which jumped 0.6% last month, its biggest leap in five months. —  Karl Angelo N. Vidal

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