'Confusing' US jobs data gives peso edge over dollar

 

It seemed that the US jobs data released on Friday confused more than enlightened financial markets, giving the peso an edge over the greenback which traded generally weaker against most currencies.

The local currency gained a centavo to close at P47.650 from 47.660 on Friday.

"Dollar was weaker against the euro and the yen, these caused the currency to close slightly strong at 47.65," Jonathan Ravelas, chief market strategist at BDO Unibank Inc., told GMA News Online.

In a separate commentary, MetisEtrade research analyst Cherica Y. Vicente noted that investors were swayed by last Friday's US jobs data which showed that the world's largest economy registered 151,000 more jobs in January – falling short of the expected 189,000.

Unemployment in the US fell to 4.9 percent, while wages rose by 0.5 percent which implied strength in the market.

"Even with confusing US jobs data, the Philippine peso appreciated against the US dollar," Vicente said. – VS, GMA News