Peso sinks further as US data buoys dollar

 

The Philippine peso continued to lose steam against the greenback on Wednesday, as US economic data cranked up the buying support for the dollar.

The local currency lost 17 centavos to close at P47.110:$1 from 46.940 Tuesday.

"US dollar/Philippine peso drifted higher on Wednesday as the peso wilted under the weight of a resurgent US Dollar which got a boost from strong US data reports overnight," Nicholas Antonio Mapa, associate economist at Bank of the Philippine Islands.

According to Reuters, the Dow industrials edged up for an eighth straight day of gains, as investors pondered mixed earnings reports.

"The dollar index, a gauge of the greenback's strength against a basket of key currencies, stood at 97.046, not far from the nine-month peak of 97.148 scaled overnight," it said. — Jon Viktor Cabuenas/VDS, GMA News