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Forex

Peso Strengthens Against Dollar on Weak US Jobs Data

Guavy AI Editorial Team
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USD
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The peso strengthened against the US dollar on Monday due to weak US jobs data, which has led markets to reassess the likelihood of a US Federal Reserve rate hike in September.

The currency appreciated by 19.5 centavos to close at P60.705 versus the greenback from its previous finish on Friday of P60.90, according to data from the Bankers Association of the Philippines' website.

The peso's intraday best was also its closing value of P60.705, while dollar exchange fell to $1.47 billion from $1.84 billion.

Traders attributed the peso's gain to the softer US jobs report, which eased market expectations of a potential US rate hike in September.

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