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15 Dec, 2013

Remittances seen helping peso recover – Manila Bulletin

The Philippine peso is set to rebound from a three-month low as remittances from 10 million overseas workers in the run-up to Christmas offset some of the damage done by one of the nation’s deadliest storms ever.

A 2.2 percent slide since the start of November pushed the peso’s 14-day relative-strength index above 70 this week for the first time since August, a sign of a possible turnaround. The currency also breached its Bollinger band as it dropped to 44.345 per dollar on Dec. 10, the weakest level since Sept. 9.

Money sent home by Filipino workers accounts for about 10 percent of the country’s economy and may support the peso after losses last month caused by Typhoon Haiyan/Yolanda, which killed almost 6,000 people. The currency had been strengthening, recovering from a three-year low reached in August amid the fastest economic growth in Southeast Asia.

Read the rest: Remittances seen helping peso recover | Manila Bulletin | Latest Breaking News | News Philippines.