Peso slightly dips as fund owners watch eurozone debt situation

MANILA, Philippines—The peso moved sideways on Tuesday as some fund owners opted to adopt a wait-and-see stance amid renewed concerns over the crisis situation in the eurozone.

The local currency closed at 42.69 against the US dollar, down by 0.5 centavo from the previous day’s finish of 42.685:$1.

Intraday high hit 42.68:$1, while intraday low settled at 42.76:$1. Volume of trade amounted to $893.25 million from $786.6 million previously.

The movement of the peso came amid concerns on the ability of concerned authorities to contain the crisis in the eurozone. In the past weeks, some eurozone economies continued to encounter protests against austerity measures that the governments were told to adopt, while coming elections in others have been fueling uncertainty concerns.

The International Monetary Fund last week raised $430 billion worth of pledges of financial contributions from various countries to help address the eurozone crisis. The amount fell short of the $600-billion target.