We haven't seen the peso at low 52 levels for a long time, so those who are not so optimistic are now hunting for bargains. They are buying dollars at these levels.
The US treasuries are declining in price but our comparative benchmark is not moving so the spread is declining.
There's positive sentiment toward the VAT implementation and corporate demand for dollars is thin.
At a price of $67-68 a barrel, oil companies need to source about $100 million from the spot market in a month. At only $65 a barrel, this will go down to $60-$70 million, a demand that can easily be absorbed by the market.
