Peso tests key P50 level as dollar soars | ABS-CBN

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Peso tests key P50 level as dollar soars

Peso tests key P50 level as dollar soars

ABS-CBN News

 | 

Updated Nov 24, 2016 05:34 PM PHT

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MANILA - (UPDATE) The peso weakened to the key P50 per dollar level on Thursday as the greenback maintained its strength as investors around the world reconfigured their portfolio's ahead of US president-elect Donald Trump's assumption into office.

The peso hit P50 against the dollar in early trading, a new eight-year low, from Wednesday’s close of P49.86.

Bangko Sentral ng Pilipinas Governor Amando Tetangco said Wednesday the peso’s weakness was within the “middle” range of an Asia-wide slump, adding the bank would let market forces determine the exchange rate.

“For the peso, if you look at the chart, the upward trend is intact, therefore we’re supposed really to test the 50 per dollar or a little over that, around 50.10 level,” RCBC Trust trading head Helen Go Oleta told ANC’s “Market Edge with Cathy Yang.”

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“Any dips would be opportunities for us to buy,” she added.

Shares extended gains from the previous day, with the Philippine Stock Exchange Index up 0.16 percent to 6,847.26 points.

The local bourse has wiped out all gains for the year due to lingering concerns over a rate increase by the Federal Reserve next month and Trump’s assumption into office in January.

Oleta said the market’s weakness was an opportunity for long-term investors to buy stocks that would likely benefit from strong domestic demand and President Rodrigo Duterte’s plan to boost infrastructure spending.

“For the emerging markets, we believe it still has a sweet spot to it… For the past year, we’ve seen a good run. What we want to look at right now is some corrections for the market,” she said.

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