MANILA, Oct. 13 (PNA) — The Philippine peso closed sideways to a US dollar Monday partly due to foreign selling in the domestic stocks market.
The local unit ended the week’s first trading day at 44.79, slightly moved from the 44.77 Friday last week.
”The market is still on a wait-and-see position and awaiting further direction whether it (the peso) will breach 44.85 or recover to 44.70,” a trader told the Philippines News Agency in an interview.
The local currency started the day at 44.80, little changed from the 44.77 in the previous trading.
Strongest trade for the day stood at 44.75 while weakest is at 44.83.
This brought the day’s average to 44.78, sideways from the 44.74 previously.
Volume of trade reached USD 441.60, lower than the USD 574.7 million at the end of last week.
The trader said the local unit traded range-bound to a dollar because “dealers are still not convinced of a strong dollar scenario.”
”The dollar is still not that strong in the world market that’s why markets are all eyes on the US this week,” the trader said.
It is a holiday in the US Monday due to the commemoration of Columbus Day but the government is scheduled to release economic reports on Wednesday.
On Thursday, Europe is set to report its inflation rate.
The trader said these data are important factors in markets’ assessment on where the US dollar will head.
On Tuesday, the peso is projected to trade between 44.70 and 44.90. (PNA)