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Dollar retreats on Greek debt crisis developments

Posted on June 30, 2015

MANILA, June 30 (PNA) — Markets’ wait-and-see stance on developments in Greece and its creditors resulted to the appreciation of the Philippine peso Tuesday, in line with regional trend.

The local unit ended the day’s trade at Php45.09, way better than its Php45.19 finish Monday.

A trader said all eyes are still on the Eurozone especially since a referendum has been set on July 5 to decide on Greece’s fate in the single-currency region.

“Things remain hanging although a possible exit of Greece is imminent after the debt deal talks bogged down last week,” a trader told PNA.

These developments have been the major market mover in the past days and the trader said it will continue to be a factor in the near future given its impact in global markets.

For the day, the local currency opened at Php45.15, sideways from the Php45.20 start in the previous trading.

It traded between Php45.18 and Php45.07 bringing the day’s average to Php45.13.

Volume of trade reached US$ 488.8 million, a little higher compared to the US$ 474.1 million a day ago.

For Wednesday, the currency pair is seen to trade between Php45.10 and Php45.30. (PNA)

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