Peso gains P0.185 as dollar weakens on US retail sales data

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(Source: GMA News | May 14, 2015)

The peso strengthened on Thursday as the latest US economic data revealed weakness in the US economic recovery, MetisEtrade said in a market commentary on Thursday.

The Philippine currency gained 18.5 centavos to 44.540:$1 from 44.725 on Wednesday.

Forex markets were disappointed by the latest US retail sales data released overnight, revealing “… there was not much growth in US retail sale for the month of April,” MetisEtrade analyst Cherica Vicente said.

“The Dollar index, which measures the US dollar against a basket of currencies, hit its lowest level in three months,” Vicente added.