The peso rebounded on Friday, June 22, as the dollar slid amid continued concerns over the trade spat between the United States and China.
The peso ended Friday’s session at P53.28 against the greenback, 18 centavos stronger than the P53.46-per-dollar finish the previous day.
The peso immediately regained its strength as it opened the session at P53.38 versus the US currency. It rose to as high as P53.23, while its intraday low stood at P53.46 against the dollar.
Dollars traded rose to $921.5 million from the $860.95 million that switched hands on Thursday.
A trader said that the peso corrected on Friday as the dollar slipped against a basket of Asian currencies.
“The peso corrected after a few sessions trading near the P53.50 high. We’re seeing dollar-Asia trading [higher]. That’s one of the reasons why dollar-peso moved along with other currencies in the region,” the trader said in a phone interview.
The trader attributed the “slight weakness” of the greenback to the lingering concerns over the trade dispute between the world’s two largest economies.
Since last week, The US and China have been hurling threats anew about imposing tariffs on each other’s imports, sparking concerns of a looming trade war.
Washington has also threatened its traditional allies Canada, Mexico and the European Union by lifting their temporary reprieve from 25% duty on steel and 10% tariff on aluminum. — Karl Angelo N. Vidal