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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Peso back at P56:$1; stock market also upTHE peso returned to the P56:$1 level on Tuesday and the stock market also rose amid improved sentiment ahead of Thursday's Bangko Sentral ng Pilipinas policy meeting.
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Peso, stock market end rally ahead of BSP policy meetingTHE peso snapped an eight-day win streak and the stock market also ended a three-day rally to open the trading week.
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Profit-taking snaps market rally; peso firm at P56.50PROFIT-TAKING on Wednesday snapped the market's two-day rally on Wednesday as investors opted to remain liquid ahead of the long weekend, although the benchmark index managed to defend the 6,900 level at the close.
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