Things aren’t lining up for the currency’s recovery.
The peso has been treading fresh 12-year lows early September in the days following the shocking news of a 6.4 percent inflation the previous month.
On Tuesday, Sept. 11, the peso has been hovering dangerously close to P54 versus the US dollar. During the morning trade, the peso opened at P53.94 against the dollar and even touched a high of P53.97.
This is a strong move coming from the previous day’s finish at P53.88.
Will the currency breach a new low? Stay tuned.