Philippine Peso Slumps To New Multi-month Low Against US Dollar
August 27 2009 - 9:47AM
RTTF2
The Philippine peso slumped to its lowest point since April 28,
2009 against the US dollar during Thursday's early trading, despite
a government report showed that the Philippines GDP grew in the
second quarter.
The Philippine currency hit as low as 48.95 against the dollar
and a move below the key 49.01 support level may lead the domestic
unit to touch its lowest level in nearly 6-months. At yesterday's
New York session close, the pair was quoted at 48.4350.
Philippines' gross domestic product climbed a seasonally
adjusted 2.4% sequentially in the second quarter, reversing a
revised 2.1% fall in the first quarter, thus effectively avoiding a
recession, the National Statistical Coordination Board said today.
Economists were expecting a 1.5% growth in GDP.
Year-on-year, the GDP climbed 1.5% in the three months ended
June, slower than the 4.2% growth seen in the same quarter last
year. Economists expected a growth of 0.5%.
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