Peso strong despite political turmoil
CURRENCY FOCUS
On Wednesday, the Philippine peso dropped 0.25% from 31/2-year highs against the dollar, following President Gloria Macapagal Arroyo's announcement of plans to lift her emergency order as soon as possible. The peso fell to 51.54 to the dollar from 51.36, its strongest since August 2002.
A relatively sizeable volume, $550 million per day, is currently being traded in long dollars, according to Bernard Yeung, chief dealer of Asian NDF trading with HSBC in Hong Kong.
"Obviously, it's not as
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