Peso rebounds vs dollar on better data

On Monday, March 2, the Philippine peso rebounded against the US dollar after several days of weakness.

The local currency closed at P50.63 per dollar, up by 34 centavos from its Friday close of P50.97.

UnionBank Chief Economist Ruben Carlo O. Asuncion attributed the appreciation to better-than-expected manufacturing data released on Monday.

Security Bank's Robert Dan Roces noted that the peso gained due to sustained flows following China’s PMI, which fell more than expected.

The Caixin/Markit Manufacturing Purchasing Managers' Index (PMI) dropped to 40.3 in February from 51.1 in January, indicating a contraction in manufacturing activity.