By Michelle Remo
Philippine Daily Inquirer
The peso inched up some more in the last trading day before the Christmas break, moving consistently with other key Asian currencies, as reports of growth in China's trade surplus elicited a general optimism on the economic performance of emerging Asian countries.
The local currency closed at its intraday high of 44.04 against the US dollar on Thursday, up by 16.5 centavos from Wednesday's finish of 44.205. Intraday low settled at 44.21:$1.
Volume of trade dropped to $608.85 million, down from $729.28 billion previously.
Traders said investors were perked up by reports that China posted a trade surplus of nearly $23 billion in November. The trade surplus was caused by growth in imports and a much faster rise in exports during the month.
Market analysts said the report on China's trade performance substantiated expectations that the Philippines and neighboring countries would be able to export more goods to China, the world's biggest developing economy.
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