Peso goes sideways as markets wait for US Federal Reserve, ECB meeting

MANILA, Philippines — The peso moved sideways on Tuesday as financial markets worldwide awaited results of the coming separate policy meetings of the US Federal Reserve and the European Central Bank.

The local currency closed at 41.155 against the US dollar, down by 1.5 centavos from Monday’s finish of 41.14:$1.

Intraday high hit 41.08:$, while intraday low 41.17:$1. Volume of trade amounted to $604.4 million from $763.68 million.

The minimal movement of the peso came as markets awaited the meeting of the US Fed and the ECB, which market players and fund owners hope would either keep current stimulus programs or implement additional boost to the US and euro zone economies.

Traders said that if the two monetary authorities continued to implement stimulus measures, such moves would help fuel growth of the global economy to the advantage even of emerging markets like the Philippines.