'DISMAL' economic data pulled the peso and stock market down on Wednesday as investors awaited US inflation news that could influence next week's Federal Reserve (Fed) policy meeting.
'DISMAL' economic data pulled the peso and stock market down on Wednesday as investors awaited US inflation news that could influence next week's Federal Reserve policy meeting.The peso, which returned to the P57:$1 level last week after once again hitting a record low of P59 to the dollar in November, weakened by 27 centavos to P58.28 against the greenback.It opened at P58.15:$1 and ranged from P58.13 to P58.3. Volume rose to P1.811 billion from P1.172 billion.
''This includes the widening of our October balance of trade in goods deficit amid the drop in our exports and the decline of our September foreign direct investment net inflows,' he added.'The World Bank's downgrade of its Philippine economic growth forecast for 2024 from 6.0 percent to 5.9 percent also dampened sentiment,' Tantiangco continued.'Finally, the market took cues from Wall Street's decline.'Net value turnover was P4.
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