MANILA – The Philippine peso once again moved sideways yesterday on account of negative news overseas.

The unit shed two centavos to settle at P43.06, down from the previous day’s P43.04 closing at the Philippine Dealing and Exchange Corp.

The peso started the day weaker at P43.10 from Wednesday’s P43.00 flat opening level. It strengthened to as much as P42.97 but went down to 43.14.

The local currency averaged at P42.04, down by two centavos from day-ago’s P42.02 level.

Investors also stayed at the sidelines as noted in the volume of trade, which amounted to $980.52 million, down from the previous day’s $1.1 billion.

Traders said developments in the economies of China and the United States, in particular, play a major part in the local currency’s performance against the dollar.

Factory activity in China contracted for the fifth straight month this March, further fueling fears on the path of the Chinese economy and its impact on global growth.*PNA

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