Retreat of peso as demand for dollar buoys

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The Philippine peso withdrew from the US dollar on Tuesday, after appreciating for four consecutive trading days, on the back of strong demand for the greenback. Local currency lost 7.5 centavos to close at P51.18:$1 versus P51.105:$1.

Tuesday’s session was the first time that the peso had closed softer than the US dollar since it rebounded last Wednesday, October 16. Going forward, Mapa said that the market will track trade talks between China and the United States, the largest economy in the world.

Reuters stated that Chinese Deputy Foreign Minister Le Yucheng said that the parties had made some progress in their trade talks, and that differences could be resolved as long as both sides respected each other.

Meanwhile, the ECB’s Governing Council is scheduled to meet on 24 October to discuss monetary policy.

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