Peso sheds 11.5 centavos on favorable US data

The peso weakened against the dollar on Wednesday after the data on US non-manufacturing index in 2014 helped the greenback to strengthen.

The local currency depreciated by P0.115 to 45.045:$1 from 44.93 Tuesday.

"Although the US non-manufacturing index for the month of December revealed a bigger decline than expected, the average for the whole 2014 was the highest in nine years which influenced Dollar appreciation," MetisEtrade Inc. analyst Cherica Vicente said in an e-mailed commentary on Wednesday.

She said the expectation that the Federal Reserve's minutes of the meeting "will reveal policy makers are moving toward raising interest rates" helped the dollar to strengthen.

It is expected to be released Wednesday night.

"The minutes could provide the views that influence the central banks forward guidance," Vicente noted. Kathryn Mae P. Tubadeza/BM, GMA News

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Peso sheds 11.5 centavos on favorable US data