Peso strengthens on US data, dollar inflows

The peso slightly gained on Friday as poor US data and more dollar inflows ahead of the weekend dampened the positive sentiment favoring the US unit. 

 

A dollar fetched P41.195, three centavos less than the P41.225 it got a day previous. 

 

Some $774.8 million changed hands on Friday from $895.6 million Thursday. 

 

“Soft data from the US—jobless claims and housing figures—strengthened the peso,” a trader said.

 

Reuters reported that latest US Labor Department data show Americans filing new claims for unemployment benefits climbed last week at the fastest pace in six months. [http://www.gmanetwork.com/news/story/308776/economy/business/new-jobless-claims-data-raises-questions-about-strength-of-u-s-economy]

 

Citing Commerce Department data, the news service also said construction of new homes slumped 16.5 percent in April, the most since February 2011. 

 

A second trader noted “dollar inflows ahead of the weekend flushed the system with dollars, making it cheaper in peso terms.”

 

Tracking the US' gross domestic product data, the peso is seen moving within the 41.10 to 41.30 per dollar territory next week. — VS, GMA News