Peso gains 5 centavos on remittance inflows

The peso strengthened against the dollar Monday in line with the regional trend but on the back of strong remittance inflows. 

 

The local currency appreciated by 5 centavos to 44.89:$1 from 44.94 Friday.

 

Trading was quiet in terms corporate mid-month requirements but the local currency was boosted by remittances, Security Bank Corp. trader Jennie Cao-Melon told GMA News Online.

 

"It's 'ber' months already so the market is very flooded, coming from a weekend," she said.

 

"This has made us resilient compared with others in the region," she added.

 

South Korea's won led gains in emerging Asian currencies on Monday as the yen rebounded from a seven-year low struck after data showed Japan's economy unexpectedly slipped into recession, Reuters reported.

 

Since data coming from the US will be light, Cao-Melon said investors will keep an eye on European Central Bank President Mario Draghi's statement before the European Parliament on Monday.

 

"People will look for clues as to how big or how aggressive the ECB will be," she said. – VS, GMA News