Philippine Daily Inquirer
7:56 pm | Thursday, November 22nd, 2012
MANILA, Philippines—The peso rose again on Thursday as data showing improving employment situation in the United States and rebound in manufacturing activity in China boosted risk appetite of investors.
The local currency closed at 41.075 against the US dollar, up by 7 centavos from the previous day’s finish of 41.145:$1.
Intraday high hit 41.065:$1, while intraday low settled at 41.11:$1.
Volume of trade amounted to $673.15 million from $798.65 million previously.
The appreciation of the peso and other key Asian currencies in the region came following the release of reports showing that the number of people applying for jobless benefits in the United States decreased last week compared with the week before. In particular, those who applied for the benefits stood at 410,000, lower by 41,000 from the previous week.
Moreover, the rise of the peso and other Asian currencies came amid reports of a recovery in China’s manufacturing activity. Reports showed that the Purchasing Managers’ Index for November stood at +50.4 percent, the first recorded growth in manufacturing activity in 13 months. An index above 50 indicates growth, while an index below shows decline.
Traders said favorable economic reports prompted some investors to engage in risk-taking, thereby fueling more demand for emerging-market assets.
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Tags: Business , business and finance , China’s economy , currencies , economy , Foreign Exchange , Philippine peso , US dollar , US economy
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