US Payrolls Report Weakens Peso to the Dollar

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MANILA — The Philippine peso weakened by 22 centavos against the greenback Monday, Nov. 9, following the release of a stronger-than-expected US non-farm payrolls data for October 2015.
Non-farm payrolls in the US rebounded and surpassed market expectations after rising by 271,0000 in the 10th month this year, resulting to a weak finish for the local currency to 47.16 from the 46.93 Friday last week, according to a PNA rreport.
“This made investors optimistic for a December Fed (Federal Reserve) lift-off,” a trader said.
The trader said foreign selling in the local bourse added the pressure on the peso.
The local unit opened at a depreciated level this week at 47.10 from the previous week’s 46.90.
Its opening level is the unit’s strongest for the day since it even dipped to 47.21 mid-trade.
The peso averaged at 47.15 during the day.
Volume of trade amounted to US$720.4 million, way higher than the US$590.8 million in the previous session.
The trader projects the currency pair to trade between 47.00 and 47.20 Tuesday.

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