As the drop in the US home building in December last year weighed on dollar, the Philippine Peso snapped a three-day losing streak on Friday, January 19, 2018. The local currency gained 8 centavos to close at P50.720: $1 from P50.80 on Thursday.
“The peso appreciated today, as US housing starts, which is an indicator of the overall health of the US economy, fell more than expected in December 2017,” Land Bank of the Philippines market economist Guian Angelo Dumalagan said in a market commentary.
It is reported by the US Commerce Department that the US home building decreased by 8.2 percent to 1.192 million in December from 1.299 million units in November.
“Moreover, the peso likely benefited from some profit-taking in the market after the dollar strengthened in the first four days of the week, contrary to expectations,” Dumalagan added.