Philippine Peso recovers vs. US Dollar
By Joann Santiago

MANILA, Oct. 23 (PNA) -- The Philippine peso recovered against the greenback Friday due to consolidation after several days of depreciation.

It ended the week at 46.44, or 20 centavos better than the 46.64 on Thursday.

A trader said the European Central Bank's (ECB) announcement that it was open to tap both conventional and non-conventional monetary policy measures to buoy the Euro was among the factors that played a part during the day's session.

Another factor was the below-expected US' jobless claims for the week, which stood at 259,000. This is lower than market expectations of 265,000 but 3,000 higher than in the previous week.

These reports helped the local currency, which opened almost flat at 46.50 from the previous day's 46.52.

It traded between 46.52 and 46.40 resulting in an average of 46.45.

Volume of trade reached USD 760.1 million, lower than the USD 973.8 million on Thursday.

Next week, the currency pair is seen to trade between 46.40 and 46.70. (PNA)

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