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Peso inches up on weak US jobs data

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The peso slightly strengthened against the dollar on Tuesday, April 10, touching the P51 level intraday, due to weaker-than-expected jobs data in the US.

The local currency ended Tuesday’s session at P52 against the dollar, two centavos stronger than the P52.02-per-greenback finish on Friday.

The peso moved sideways the whole day, opening the session stronger at P52.015 against the dollar. Its intraday low was at P52.03, while its best showing stood at P51.96 versus the US currency.

Dollars traded slid to $570.64 million from the $645.8 million recorded on Friday.

A trader said that the peso traded fairly quiet on Tuesday, moving sideways during the day.

“Foreign exchange tradings were also quiet everywhere else, so I feel like there’s nothing to go on,” a trader said in a phone interview.

Meanwhile, another trader attributed the slightly stronger peso to the weak US non-farm payroll data which came last Friday, April 6.

“Peso gained strength today following the release of weaker-than-expected US non-farm payrolls data last Friday,” the other trader said in an e-mail.

According to the Bureau of Labor Statistics, the US created 103,000 jobs in March, well below the 193,000 market expectations as well as the 326,000 nonfarm payrolls reported in February.

The jobless rate stayed at 4.1% last month, below the market expectations that it will go down to 4%. — Karl Angelo N. Vidal