Weak US Retail Sales Boost Peso

(PNA) — The Philippine peso posted a two-week high at 44.54 Thursday on disappointing US retails sales data for April 2015.

It appreciated by Php 0.18 against its 44.72 finish Wednesday.

A trader said the 0.9 percent rise in US’ retail sales last April, from the revised 1.1 percent growth in the previous month, made investors’ hope for a June 2015 hike in Federal Reserve rates dimmer.

”This also made investors put more funds in the local equity market, which helped boost the peso,” the trader said.

For the day, the peso opened at 44.65, already better than the previous trading’s 44.74 start.

Its opening level was the currency’s weakest for the day after it strengthened to 44.52 mid-trade.

This brought the day’s average to 44.56, way better than the 44.76 Wednesday.

Volume of trade reached USD 722.2 million, slightly higher than the USD 670.1 million a day ago.

For Friday, the currency pair is seen to trade between 44.60 and 44.80. (PNA) RMA/JS/EDS