The peso on Friday flirted with its 58-month record close after good economic news on the international front drove investors back to risky assets ahead of a New York holiday.
The Philippine unit ended Friday at 40.575:$1, strengthening by 5.5 centavos from Thursday's 40.63:$1 close and near its 58-month high of 40.57:$1 posted last Jan. 15.
Some $670.7 million were traded on Friday from $744.4 million Thursday.
“The peso rebounded on improving outlook on the global economy,” a trader noted.
Better-than-expected US housing data showed the world's largest economy sustaining its recovery.
And despite China having reported its slowest expansion in 13 years at 7.8 percent, its gross domestic product growth of 7.9 percent in the fourth quarter of 2012 bucked a seven quarter slowdown which could mean its recovery might last.
A second trader noted: “Risk appetite is back on, ahead of the long weekend. It's a New York holiday on Monday, so markets there are closed and there was a sell-off in the dollar.”
New York markets are closed on Monday, Jan. 21, for Martin Luther King Jr. Day commemorating the life of the human rights martyr.
The Bangko Sentral ng Pilipinas tried to temper the peso's rise “towards the end... buying some $50 million,” the first trader said.
Traders see the peso moving within the 40.50 to 40.80 band next week with a slight upward bias. — VS, GMA News
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