Economists on Tuesday said that the Philippine peso slipped back to the P52:$1 level on Tuesday, dragged by sell-offs in emerging market assets with the local currency losing 58 centavos to close at P52.46:$1 from P51.88:$1 Friday.
Financial markets were closed for a national holiday.
“Peso depreciated amid a sell-off in emerging market assets in Asia,” said Robert Dan Roces, the chief economist at Security Bank Corp.
In an online report, sentiment was down given increasing signs that tensions between China and the United States will not be resolved soon, even after a year-long trade war and the ongoing political turmoil in Hong Kong has made matters worse as protestors managed to close down Hong Kong’s airport earlier this week in their continuing protest of the law on extradition to China.
Markets are expected monitoring the US consumer price index to be released on Tuesday, and retail sales on Thursday.