Peso slips ahead of US jobs data

THE PESO inched down against the dollar on Friday as the market was on wait-and-see mode ahead of the release of August US jobs data. 

The local unit closed at P49.84 per dollar on Friday, slipping by 1.5 centavos from its P49.825 finish on Thursday, based on data from the Bankers Association of the Philippines. 

Meanwhile, it strengthened by 11.5 centavos from its P49.955-a-dollar close on Aug. 27. 

The peso opened Friday’s session at P49.72 per dollar. Its weakest showing was at P49.91, while its intraday best was at P49.64 versus the greenback. 

Dollars exchanged declined to $924.2 million on Friday from $1.146 billion on Thursday. 

A trader said the peso dropped on profit-taking ahead of the release of the August US jobs report later on Friday. 

Meanwhile, Mr. Ricafort said the local unit declined versus the dollar as oil prices rose. 

Brent crude futures inched up by 0.2% or 13 cents to $73.16 per barrel at 0619 GMT, while each barrel of US West Texas Intermediate crude futures slipped 4 cents or 0.1% to $69.95, Reuters reported. Both oil contracts rose 2% on Thursday. — with Reuters 

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