The peso fell to its lowest level in 12 years as Trump called the EU to become an "enemy"

The PESO weakened against the dollar to reach a new low in 12 years due to continuing corporate demand for the dollar as well as the negative statement by US President Donald J Trump against the European Union.

The local unit finished Monday's session at P53.53 against the greenback, two centavos weaker than the P53.51 arrival for a dollar Friday.

This is a new low for the peso as it is its weakest in nearly 12 years since its close at P53.55 against the greenback on June 29, 2006.

The peso's slightly strengthened by opening the session at P53.50, which was already his best performance of the day. Its intraday price remained at 53.54 against the US dollar.

The dollars exchanged fell to 290.75 million dollars, against 397 million dollars in the last session.

A currency trader said that the peso had just moved away

"The dollar-peso barely moved [on Monday] because it moved in a very tight range," said the trader at of a telephone interview.

The trader added that the peso had support because "there is still a lot" In contrast, it seems that there are still offers to P53.55. He added that the peso had slipped against his US counterpart as a result of a "negative" statement by Mr Trump compared to the European bloc

"The peso has depreciated." Another new plus down in 12 years following the recent negative statements by US President Donald Trump to the European Union, which has pushed new purchases of safe havens towards the dollar, "said the trader in an e-mail

. Broadcast on Sunday, Trump said the EU is an "enemy" of the United States for what the bloc is doing to them in terms of trade.

"Well, I think we have a lot of enemies.I think the European Union is an enemy, what they do to us in the trade.Now you would not think to the European Union, but they are an enemy, "said Trump in the program" Face the Nation "

for Tuesday, the first trader sees the peso move between P53.30 and P53.55 relative to the dollar, while the other gave a range of forecasts P53.40-P53.60

"The peso could recover [on Tuesday] against the background of weaker US sales forecasts that could indicate a slowdown US consumer spending, "noted the second trader – Karl Angelo N. Vidal