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Peso strengthens on slower March inflation
The Philippine peso strengthened against the US dollar to P50.68 on Tuesday, appreciating by four centavos from its P50.72 close on Monday.
This movement was driven by positive market sentiment stemming from slower March inflation data, which registered at 2.5%.
The slowdown in inflation was attributed to lower oil prices and is within the Bangko Sentral ng Pilipinas' (BSP) target range for the year.
Additionally, a trader noted that ongoing government initiatives, such as the rollout of financial aid for low-income Filipinos under the Bayanihan to Heal as One Act, are contributing to the peso's strength.
The peso's performance is expected to continue within a range as market participants monitor further developments.
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Headline inflation in the Philippines slowed to 2.5% in March 2020, down from 2.6% in February 2020 and 3.3% in March 2019.
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The Bangko Sentral ng Pilipinas (BSP) had a March inflation forecast range of 2% to 2.8%, with economists estimating it to be 2.3%, marking a potential second consecutive month of easing inflation.
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Philippine shares experienced a significant rally on Tuesday, with the PSEi gaining 1.42% to close at 5,650.01, driven by a combination of lower inflation figures and encouraging signs regarding the COVID-19 pandemic.
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The Philippine Stock Exchange index (PSEi) rose for the second consecutive day on Wednesday, closing at 5,408.52 points.
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The Bangko Sentral ng Pilipinas (BSP) anticipates a further decrease in the country's inflation rate for April 2020, citing the decline in global oil prices and a price freeze on basic necessities.
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