Peso weakens ahead of US retail sales data

The peso softened against the greenback on Wednesday, as investors chose to stay safe ahead of the US retail sales data.

The local currency closed at P46.085:$1, down 7 centavos from 46.015 Tuesday.

Nicholas Antonio T. Mapa, associate economist at the Bank of the Philippine Islands (BPI), noted the peso strengthened earlier in the day after crude oil prices rallied, but it softened against the greenback in the afternoon session ahead of the release of US economic data.

“By the afternoon session, the trend reversed with the dollar rebounding with dealers playing defensive ahead of the US retail sales report later in the session,” he said in an emailed statement. – Jon Viktor Cabuenas/VDS, GMA News