The local currency closed at P54.475 versus the greenback on Wednesday, appreciating by 16.5 centavos from Tuesday’s P54.64 finish, data from the Bankers Association of the Philippines’ website showed. READ:
MARI GIMENEZ-UNSPLASHthe dollar on Wednesday as slower US employment and housing data supported expectations of a less hawkish policy stance by the Federal Reserve.
“The peso appreciated after the slower-than-expected US employment costs bolstered expectations of a softer 25-basis-point Fed rate hike,” a trader likewise said in an e-mail. Meanwhile, house prices measured by the Federal Housing Finance Agency rose 8.2% in the 12 months through November after climbing 9.8% in October.
The peso was also supported the stock market’s surge on Wednesday that almost reversed the declines posted in the first two days of the week, Mr. Ricafort added.
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