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Peso gains on mixed US consumer confidence data
By Joann Santiago
MANILA, June 1 (PNA) -- Mixed results of US’ May 2016 consumer confidence was taken by markets as a possible hindrance to expectations for a hike in the Federal Reserve rates this June, thus, a plus for the Philippine peso against the greenback Wednesday.

The local unit gained Php 0.11 against the dollar after ending the day at 46.64 from the previous day’s 46.75.

A trader cited the drop in US’ consumer confidence in the fifth month this year to 92.6, based on the Conference board report, from the previous month’s revised 94.7 reading as a major factor in Wednesday’s currency trading.

However, the University of Michigan earlier reported that consumer confidence for the same month was higher at 94.7 from 89.0 last April.

The trader also traced the local unit’s strength to large inflows in the local bourse, which was partly due to higher risk appetite during the day.

The peso opened sideways at 46.75 from Tuesday’s 46.72.

It traded between its closing level and 46.77 resulting to an average of 46.68.

Volume of trade increased to USD 631.3 million from the previous session’s USD 572.5 million.

For Thursday, the currency pair is seen to trade between 46.60 and 46.80. (PNA)

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