By JON VIKTOR D. CABUENAS, GMA News
The peso failed to sustain its momentum against the greenback on Tuesday, as currency markets consolidated amid the economic slowdown in China.
The local currency slipped by 2 centavos at P47.670:$1 from 47.650 on Monday.
“I think the US dollar-Philippine peso is just consolidating after huge movements last week,” Josef Paolo Reyes, foreign exchange trader at the Development Bank of the Philippines (DBP) said in a text message.
The peso performed on a weak note last week amid speculations of poor economic data from China, the world’s second largest economy.
The peso weakened to its lowest level in seven years on Friday as funds continued to leave emerging markets.
“Not much movement in the local foreign exchange scene today,” Reyes noted. – VS, GMA News