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US data boost risk appetite; peso jumps.
Byline: Louella D. Desiderio
The peso posted gains against the greenback yesterday as positive manufacturing data in the US, indicating improving economic conditions, boosted investor appetite.
The peso closed at P46.39 a dollar, gaining 24 centavos from Monday's finish at P46.63 a dollar. The local currency opened at P46.50.
"The peso's performance was due to risk appetite sentiment on better figures that came out in the US on manufacturing" a currency trader said.
Data from the Institute of Supply Management showed that US manufacturing expanded by 58.4% in January, the fastest in five years. "The market was expecting 55.5%," the trader said. …
