The peso rose Wednesday, November 21, as reports of rising number of new homes being constructed in the United States led to a better outlook on the global economy and boosted appetite for emerging-market assets. The local currency closed at 41.145 against the US dollar, up by 2.5 centavos from the previous day’s finish of 41.17:$1.
The rise of the peso and other key Asian currencies came following the release of a report that construction of new homes in the world’s biggest economy grew by 3.6 percent in October from a year ago. Market players said the report substantiated hopes that the US economy is starting to more significantly recover from its recession in 2009, reports Michelle Remo for Philippine Daily Inquirer