Peso slightly up as investors monitor Euro debt situation

MANILA, Philippines—The peso inched up slightly, moving almost sideways, on Tuesday, as investors were on a wait-and-see mode as to what will happen to Greece in the next few days.

The local currency closed at 43.57 against the US dollar on the second trading day of the week, up by 3 centavos from 43.60:$1 the previous day.

Intraday high stood at 43.49:$1, while intraday low settled at 43.62:$1. Volume of trade amounted to $829.63 million, up from $679.787 million previously.

Traders said some investors were trying to weigh their sentiments over the Euro zone, particularly the debt problem of Greece.

The European Union has offered another multibillion-dollar aid for Greece to help make sure it would not default on its loans, on condition it would implement an austerity measure applicable over the medium term.

The EU’s offer has somewhat eased concerns of investors over the debt situation of Greece, but the country is given a few days to pass an austerity plan and the said plan has been facing stiff criticisms from the public.

Traders said investors would only be fully calmed over the Greece situation if the country’s parliament actually passed the austerity measure required by the EU.

Until then, traders said, investors’ sentiment would be less bullish about emerging markets in general, including those from Asia.