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Philippine Peso weakens anew

Posted on July 28th, 2011

The Philippine Peso weakened on Thursday as an effect of investors concerns in the local economy. After hitting its strongest thus far in three years early this week, the peso closed at 42.17 against the US dollar on Thursday. Down by 6 centavos from Wednesday’s 42.11.

Traders said it was an effect on the concerns over the debt situation in the United States. With the August 2 deadline drawing near, the US Congress has yet to agree on the debt ceiling of the US government, without which, it will be prevented from borrowing more to raise funds for its maturing obligations.

When the US faults in its debt payment, it sends jitters in the international financial community. Because most emerging Asian markets, the Philippines included, have significant exposure in the US.

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This entry was posted on Thursday, July 28th, 2011 at 12:05 am and is filed under Articles, Economy, Frugality, Money, Peso, Philippine Business News, Philippines, Statistics and Trends. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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