Peso weakens vs dollar as trade war fears linger

The peso declined against the dollar on Monday, June 25, as the market is still concerned over the trade tensions between the United States and China.
The local unit ended the session on Monday at P53.44 against the greenback, 16 centavos lower than the P53.28 finish on Friday.
The peso opened weaker at P53.35 against the dollar. It slipped to an intraday low of P53.46, while its best showing stood at P53.32 versus the US currency.
Dollars traded declined to $449.2 million from the $921.5 million traded on Friday.
A trader said Monday that the dollar-peso moved weaker as it tracked the move of the greenback against its regional peers.
“Actually it’s a dollar move where I think it moved as we continue to see safe haven trading,” the trader said in a phone interview.
In a Reuters report, the greenback fell to a two-week low against the yen as renewed global trade concerns dented investor risk appetites. The greenback was down 0.4% at 109.45 yen versus the dollar, its weakest since June 11.
“This weakness is a continuation from last week,” he said in an e-mail. “This centers around increasing trade tensions between the US and China.” — Karl Angelo N. Vidal