Peso dips as investors await next move of US Federal Reserve
MANILA, Philippines — The peso closed weaker again on Tuesday in another day of weak trading as investors stayed in the sidelines ahead of the US Federal Reserve meeting this week.
The local currency closed at 43.125 to $1 from the previous 42.875: $1 the day before. The peso opened weaker at 42.90: $1 and traded between a high of 42.940 and 43.220.
Total volume was under the $1 billion-mark for the second straight day at $889.02 million from $611.80 million the day before.
“The market could be waiting for the Fed meeting,” BDO chief market strategist Jonathan Ravelas said. He said the peso might correct to trade between the 42.70-43.00 range in coming weeks after the local currency hit 43.32 to a dollar last week.
Asian currencies have been falling since the start of the month amid fears that the US Federal Reserve would scale back its accommodative policy stance as the US economy recovers.
Get Inquirer updates while on the go, add us on these apps:
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94