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Peso dips ahead of US production data


The Philippine peso losing against the US dollar for the second straight trading day on Wednesday amid speculation that American industrial output in December 2017 would be positive.

The local currency shed 21.5 centavos to close at P50.705:$1 from 50.49 Tuesday.

“The peso depreciated strongly due to bets of stronger US industrial production to be released tonight,” a foreign exchange trader from a local bank said.

Investors bought dollar positions in anticipation of a strong US industrial output figures for December, the trader added.

The Federal Reserve is set to release the industrial production index, which measures the output of factories, utilities, and mines.

“The industrial production data is seen to likely move markets,” the trader said. —Ted Cordero/VDS, GMA News

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