MANILA – The Philippine peso continued to depreciate against the dollar on Thursday, still weighed down by concerns on the world’s biggest economy.
The local currency shed 14 centavos to close at P52.75:$1 from Wednesday’s P52.61:$1.
“Investors are still reeling from worries about the US economic outlook,” Ruben Carlo Asuncion, chief economist at the Union Bank of the Philippines, said in an email interview.
According to a report by Reuters, the benchmark 10-year Treasury yields slid on Wednesday, but came off 15-month lows reached overnight, as investors remained focused on central bank dovishness globally, which could indicate a likely recession should the inversion prolong.
“[T]he peso was probably largely affected by the aforementioned investors’ sentiments. The depreciation may have also stemmed from lack of domestic leads,” explained Asuncion. (GMA News)
