Peso businesses are hopeful about trade talks between the US and China

This image is about peso appreciated against the US dollar

For Monday’s second consecutive trading day, the Philippine peso appreciated against the US dollar, bolstered by optimism about China-U.S. trade talks.

To close at P51.08:$1 from P51.135:$1 Friday, the local currency gained 5.5 centavos.

Market economist Guian Angelo Dumalagan, Philippine Land Bank, said the peso-dollar rate was influenced by progress in trade talks between China and the United States.

The office of the U.S. Trade Representative said top-level negotiators had talks on Friday and were “close to finalizing” an agreement, Reuters said in a statement.

The Chinese Ministry of Commerce said both sides agreed to “correctly address the core concerns of each other.

The dollar is expected to move sideways this week, with a downward bias, in the midst of forecasts of a further 25-bp decrease in US policy rates and bets of mixed US labor and inflation economic reports.

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