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Peso firms up as trade war weakens dollar


The Philippine peso appreciated against the dollar on Friday as the trade war between US and China weighed on the greenback.

The local currency gained 34 centavos to close at P52.16:$1 from 52.5 on Thursday.

"The US dollar has declined and the trade war is seen to be causing growth both in the US and China to slow this year," Union Bank of the Philippines chief economist Ruben Asuncion said.

"Investors are probably looking at other emerging markets such as the Philippines," Asuncion said.

Further fueling trade fears among investors, Beijing said that Washington needs to correct its "wrong actions" for trade talks to continue after Washington blacklisted Huawei Technology Co Ltd last week. 

Likewise, Rizal Commercial Banking Corp. lead economist Michael Ricafort said the US dollar corrected lower against Asian and major currencies for most days after the intensified US-China trade war. — RSJ, GMA News

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