Peso back in P55:$1 territory; stock market snaps 4-day rally

THE peso is back at the P55 level, closing stronger against the greenback on Wednesday, but the stock market slipped as investors awaited US inflation data seen underpinning the result of next week's Federal Reserve policy meeting.The currency strengthened by 41 centavos to P55.975 while the benchmark Philippine Stock Exchange index — which again hit an intraday high in 7,000 territory — shed 39.75 points, or 0.57 percent, to end the day at 6,944.88.

senior research analyst Japhet Tantiangco, meanwhile, said 'the local market succumbed to selling pressures this Wednesday after four days of rallying.''Investors took a cautious stance while waiting for the US' August inflation data, which can provide clues on the Federal Reserve's policy outlook,' he added.

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