MANILA – The Philippine peso failed to sustain its strength as the dollar was strengthened by positive economic data released in the United States. The local currency closed Wednesday at P51.13:$1, weaker by 23 centavos than Tuesday’s finish of P50.90:$1.
“USD slightly strengthened as US retail sales jumped more than expected in June, pointing to strong consumer spending,” Robert Dan Roces, AVP (asst. vice president) and economist at the Security Bank Corp., said in an email interview.
According to a report by Reuters, the “surprisingly strong” reading on US retail sales released overnight outweighed the weakness in industrial production, and in turn boosted the dollar.
“The increase in retail sales to 0.4 percent is attributed to higher purchases of motor vehicles, furniture, building materials and other goods,” explained Roces.(GMA News)
