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Bacolod City, PhilippinesTuesday, February 5, 2013
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Peso closes stronger

The peso closed stronger against the dollar yesterday at 40.59 on the back of positive news on United States economy.

The peso gained P0.10 from last Friday’s 40.69 and opened sideways this week at 40.64.

It traded between 40.67 and 40.58, bringing the average to 40.60.

Volume of trade reached $938.5 million, which a trader said was high amid the Chinese holiday.

Last Friday, the US government reported the improvement in payroll for January and upward revision in the figures for the last two months of 2012.

The Institute of Supply Management also reported favorable manufacturing data for the world’s largest economy last January.

Similarly, China’s officials purchasing managers’ index for non-manufacturing sector also improved last January, giving investors more hope on the recovery of the world’s second largest economy.

A trader expects the peso to trade range-bound against the dollar Tuesday due to lack of economic data here and overseas.*PNA

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