By Joann Santiago
MANILA, (PNA) — The peso closed sideways against the dollar Friday ahead of the US non-farm payments report Friday night (Manila time) and even as the European Central Bank and the Bank of England maintained key rates.
It ended the week at 44.48 from Thursday’s 44.53, which a trader attributed to technical rebound of not only the peso but other Asian currencies.
The local unit started Friday weaker against the greenback at 44.54 from day-ago’s 44.30.
It traded between 44.42 and 44.61 bringing the average for the day at 44.51.
Volume of trade reached US$ 789.3 million, way below the US$ 1.21 billion in the previous day.
Next week, the peso is expected to trade between a wider range of 44.40 and 44.80.
“It is expected to be volatile because that’s the week prior to the expected taper announcement,” the trader added.
The Federal Open Market Committee will have its next policy meeting on September 17-18 and markets are widely expecting US monetary officials to announce a cut in the central bank’s stimulus program given the recent positive economic reports in the world’s largest economy.