Peso strengthens as investors take on risks

The peso strengthened slightly on Monday due to investors' risk-on sentiment, but gains were held by demand from oil firms. The Philippine unit gained three and a half centavos to end Thursday at 40.635=$1, stronger than Wednesday's 40.67=$1 close. Some $709.8 million were traded on Thursday, almost unchanged from $715.2 million previously. "Today, relatively quiet in the market. But there was risk appetite early in the day on good prospects for the global economy," a trader said. The gains, however, were "capped by corporate demand" from oil firms to service mid-month needs, he added. Should risk appetite continue, the trader said the peso can reach the 40.55 per dollar level. Trading range for Friday is at 40.55 to 40.70 per dollar, he noted. — BM, GMA News


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