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Peso barely moves as market waited for US-China deal

THE peso slightly weakened against the dollar on Friday as markets waited for details of a trade tariff deal between the US and China.

It closed at P50.49 a dollar, 0.9 centavo weaker than a day earlier, according to data from the Bankers’ Association of the Philippines (BAP).

Week on week, the peso strengthened by 25 centavos from its P50.74 close on Oct. 31.

The peso opened at P50.52 and weakened to as much as P50.56. It strengthened to as much as P50.45. Dollars traded slipped to $789.65 million from $1.15 billion a day earlier.

“The peso weakened on some market uncertainty about the details of the mutual rollback of trade tariffs between the US and China,” a trader said in an email.

UnionBank of the Philippines, Inc. chief economist Ruben Carlo O. Asuncion traced the peso’s sideway movement to the absence of economic data drivers.

The US and China have agreed to roll back tariffs on each others’ goods as part of the first phase of a trade deal, officials from both sides said.

The Chinese Commerce Ministry, without laying out a timetable, said the two countries had agreed to cancel the tariffs in phases.

White House spokeswoman Stephanie Grisham told Fox News Channel the United States was “very, very optimistic” about completing a deal that would defuse a 16-month trade war between the world’s two largest economies. — Luz Wendy T. Noble

The post Peso barely moves as market waited for US-China deal appeared first on BusinessWorld.

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