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THE PESO climbed to the P49-per-dollar level on Wednesday as market sentiment improved due to data showing record-high dollar reserves as well as positive leads on the US-China trade deal.
THE amended Chiang Mai Initiative Multilateralization (CMIM) agreement took effect Tuesday, offering an improved currency swap arrangement and financial safety net among Association of Southeast Asian Nations (ASEAN) countries and the bloc’s regional partners.
THE peso appreciated versus the greenback on Tuesday on risk-off sentiment after the US Federal Reserve bared plans to buy corporate bonds.
THE PESO weakened versus the dollar on Monday on safe-haven demand amid escalating worries over a second wave of infections and as the market priced in the impact of the pandemic on remittances.
The peso strengthened to a nearly three-year high against the dollar Friday on increased confidence in an economic recovery as businesses gradually restore operations across the world.
THE PESO strengthened further on Thursday on positive market sentiment amid easing lockdowns.
THE PESO rallied against the greenback on Monday fueled by positive market sentiment due to the affirmation of the country’s credit rating as well as the recovery in the local manufacturing sector.
THE PESO is likely to weaken this week as markets monitor ongoing tensions between the US and China as well as local developments including inflation and the virus spread.
THE PESO succumbed to the greenback on Wednesday amid risk-off sentiment due to a wider budget deficit in April and renewed tensions between the US and China.
THE peso weakened Friday on negative market sentiment after a new round of US-China tensions as well as higher oil prices.