Peso dips as investors await next move of US Federal Reserve

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@paolomontecillo

11:05 PM June 18th, 2013

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By: Paolo G. Montecillo, June 18th, 2013 11:05 PM

Photo by Noy Morcoso lll/INQUIRER.net

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.

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