Photo illustration of US dollar to PH peso exchange in this photo taken on September 30, 2022. Gigie Cruz, ABS-CBN News

Peso-Dollar

Arthur Fuentes

ABS-CBN News

Agence France-Presse

<p>MANILA - The Philippine peso further weakened against the US dollar while the Philippine Stock Exchange saw all of its year-to-date gains wiped out at the close of Tuesday&#x27;s trading.</p><p>The peso closed at P57 to the dollar, weaker than its previous close of 56.808. Data from the Bankers Association of the Philippines showed that this was the peso&#x27;s weakest level since Nov. 22, 2022, when it touched 57.375. The peso reached a record low of P59 on October 3, 2022</p><p>During the first trading day of the year, the peso closed at P55.67 to the dollar, meaning year-to-date the local currency has lost P1.33.</p><p>Meanwhile, the PSEi closed at 6,404.97, down 157.46 points from Monday or a decline of 2.4 percent.</p><p>This was also lower than its 6,554.04 closing level at the start of the year.</p><p>The broader All Shares index also closed lower at 3,409.85, down 68.26 points or 1.96 percent.</p><p>All sectoral indices from financials, industrial, holding firms, property, services, mining and oil also fell.</p><p>The PSEi tracked the decline in other markets across the globe amid growing fears of a wider war in the Middle East after Israel&#x27;s army chief vowed a response to Iran&#x27;s unprecedented attack on his country at the weekend.</p><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/8XdbBkYAhyI?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div><p>The selling came after Wall Street&#x27;s three main indexes tanked in response to forecast-beating US retail sales data that reinforced the view that the world&#x27;s top economy remained in rude health and further dented hopes for interest rate cuts this year.</p><p>Traders were also digesting figures showing Chinese expansion easily beat expectations in the first three months of the year but retail and industrial data came in well below par, suggesting leaders have much work to do to kickstart growth.</p><p>All eyes are on the Middle East after Tehran fired hundreds of missiles and drones at its regional enemy, saying the attack was retaliation for an April 1 strike on the consular annex of its Damascus embassy that killed seven Revolutionary Guards including two generals.</p><p>While air defense systems destroyed the vast majority of the barrage and Iran said &quot;the matter can be deemed concluded&quot;, Israel&#x27;s army chief General Herzi Halevi sounded a note of warning, fuelling worries of a dangerous escalation.</p><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/lPZsVd1owt0?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div><p>Warren Patterson, at ING Groep, said the prospect of a response by Tel Aviv &quot;means that this uncertainty and tension will linger for quite some time&quot;.</p><p>&quot;The more escalation we see, the more likely we are to see oil supply from the region impacted.&quot;</p><p>Oil prices rose in Asian trade, having slipped Monday on hopes for a de-escalation following US calls for Israeli Prime Minister Benjamin Netanyahu to &quot;take the win&quot; and forgo a counterattack.</p><p>Hong Kong, Seoul and Taipei were all down more than 2 percent, while Tokyo shed 1.9 percent.</p><p>Shanghai, Sydney, Singapore and Jakarta sank more than 1 percent each, while there were also losses in Wellington and Mumbai.</p><p>London, Paris and Frankfurt were all down more than 1 percent at the open.</p><div><strong>- With a report from Agence France-Presse</strong></div>

<p>The Philippine peso further weakened against the dollar while the Philippine Stock Exchange saw all of its year-to-date gains wiped out at the close of Tuesday's trading.</p>

The Philippine peso further weakened against the dollar while the Philippine Stock Exchange saw all of its year-to-date gains wiped out at the close of Tuesday's trading.

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Peso falls to 57 to dollar; stocks plunge amid Mideast conflict

Peso falls to 57 to dollar; stocks plunge amid Mideast conflict

Arthur Fuentes,

ABS-CBN News,

Agence France-Presse

Published Apr 16, 2024 09:24 PM PHT

Read More:

peso

dollar

exchange rate

forex

BAP

Bankers Association of the Philippines

PSEi

stocks

stock market

Middle East

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