Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Philippine Peso, Forwards Climb to Two-Week Highs on U.S. Jobs

Don't Miss Out —
Follow us on:

Oct. 4 (Bloomberg) -- The Philippine peso and one-month forwards touched two-week highs after a better-than-expected U.S. jobs report eased concern a slowdown in the world’s largest economy will damp the Asian nation’s exports. Bonds were steady.

Some 162,000 positions were added by companies in September, figures from ADP Employer Services showed yesterday, topping the median forecast of 140,000 by economists surveyed by Bloomberg. The Federal Reserve said last month it would buy $40 billion of mortgage debt a month in a third round of so-called quantitative easing. The U.S. was the Philippines’ third-largest export market in July, official data show.

“Following the QE3, any labor market data going forward will affect the currency,” said Saktiandi Supaat, head of foreign-exchange research at Malayan Banking Bhd. in Singapore. “There’s a slight improvement in risk-taking activity.”

The peso gained 0.3 percent to 41.467 in Manila, prices from Tullett Prebon Plc show. The currency touched 41.465 earlier, the strongest level since Sept. 17. The peso has appreciated 5.6 percent this year, the best performance in Asia. One-month implied volatility, a measure of exchange-rate swings used to price options, fell five basis points, or 0.05 percentage point, to 5.25 percent.

One-month non-deliverable forwards rose 0.4 percent to 41.52 per dollar, according to prices compiled by Bloomberg. The contracts touched 41.47, the highest level since Sept. 18.

The Asian Development Bank raised its 2012 economic growth forecast for the Philippines yesterday to 5.5 percent from 4.8 percent.

Consumer prices rose 3.8 percent in September from a year earlier, matching the pace in August that was the fastest since January, according to the median estimate of economists in a Bloomberg News survey before a report due tomorrow.

The yield on the 4.75 percent notes due September 2022 held at 4.75 percent, according to prices from Tradition Financial Services.

To contact the reporter on this story: Lilian Karunungan in Singapore at lkarunungan@bloomberg.net

To contact the editor responsible for this story: James Regan at jregan19@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.