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.
Read more related