Peso softens on renewed confidence in US economy

The peso softened against the dollar on Friday, as renewed confidence in the US economy surged following the statement overnight of Federal Reserve Chair Janet Yellen.
 
The local currency slipped 3.5 centavos to close the week at P46.135:$1 from 46.100 Thursday.

“The US dollar made a slight recovery against the Philippine peso after the Fed chairwoman’s positive statement last night. In her speech, Yellen expressed confidence that the US economy is not in a ‘bubble’,” Cherica Vicente, research analyst at MetisEtrade, said in an emailed commentary.
 
Yellen noted the world’s largest economy has continued to improve in a satisfactory way.
 
Week-on-week, the peso lost 1.2 centavos or 0.26 percent from 46.015 on April 1. It gained 92.5 centavos or 1.96 percent from 47.060 in the year to date. – Jon Viktor Cabuenas/VDS, GMA News