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Peso closes unchanged due to ‘mixed readings’ of Feb. inflation


The Philippine peso closed unchanged on Tuesday, as the market encountered “mixed readings” regarding the February inflation data.

The local currency closed Tuesday at P52.00:$1, unchanged from Monday.

“The peso moved sideways today as the market interpreted the 2006 and 2012 based Philippine inflation data today as mixed readings relative to the BSP’s 2- to 4-percent inflation target,” Guian Angelo Dumalagan, market economist at Land Bank of the Philippines, said.

Data released by the Philippine Statistics Authority showed inflation clocked in at 4.5 percent in February, based on the 2006 base price.

It was the fastest in over three years, since inflation came in at 4.9 percent in August 2014.

Based on the 2012 base price, inflation registered at 3.9 percent which falls in line with the central bank’s 2.0- to 4.0-percent target range.

“The initial 3.9 percent 2012-based inflation was first priced in by the markets earlier today,” Dumalagan said. —VDS, GMA News

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