MANILA -- Higher-than-expected US non-farm payrolls last June boosted the US dollar to the detriment of the Philippine peso Monday, while the main equities gauge slid as all eyes were on the Federal Reserve decision this month.
The peso ended the day at 51.32 from 51.195 Friday last week, which BPI Research said is in line with the performance of other currencies in the region given the report on the jobs created in the world’s largest economy in the sixth month this year.
For the day, the local currency opened at 51.35 and traded between 51.38 and 52.29.
Average level for the day stood at 51.333, weaker than the previous session’s 51.157.
Volume reached USD651.48 million, lower than the USD770.24 million.
BPI Research forecast the currency pair to trade between 51.20 and 51.40 Tuesday.
Relatively, the Philippine Stock Exchange index (PSEi) went down 0.82 percent, or 66.42 points, to 8,051.52 points.
Regina Capital Managing Director Luis Limlingan attributed the main gauge’s weakness to the “strong jobs report” in the US, which “decreased possibility of Fed rate cuts.”
He said investors will also be on a wait-and-see stance for the speech of Fed Chairman Jerome Powell at the House and Senate panel this week as well as on the minutes of the Federal Open Market Committee (FOMC) meeting last June.
Most of the indices tracked the PSEi, with the All Shares down by 0.65 percent, or 32.21 points, to 4,913.47 points.
Services registered the highest decline at 1.36 percent and was trailed by the Holding Firms, 0.94 percent; Financials, 0.80 percent; Property, 0.64 percent; and Industrial, 0.13 percent.
Only the Mining and Oil posted an increase after it rose 0.39 percent.
Volume reached 949.007 million shares amounting to PHP5.63 billion.
Losers led gainers at 119 to 74 while 50 shares were unchanged. (PNA)
