Peso climbs against the dollar
THE PESO appreciated against the dollar on Tuesday ahead of potentially weak US data due later this week.
The local currency closed at P54.55 versus the dollar on Tuesday, strengthening by 20.50 centavos from Friday’s P54.755 finish, data from the Bankers Association of the Philippines’ website showed.
The local unit opened Tuesday’s session at P54.60 per dollar. Its weakest showing of the day was at P54.63, while its intraday best was at P54.49 against the greenback.
Dollars traded dropped to $1.103 billion on Tuesday from the $1.17 billion seen on Friday.
“The peso appreciated ahead of potentially softer US PCE (personal consumption expenditures) inflation reports this week,” a trader said in an e-mail.
In May, the US PCE gained 0.1% for the month after a 0.4% rise in April.
The June PCE data will be released on July 28.
For Wednesday, the trader said the peso could weaken ahead of the US Federal Reserve’s policy decision.
The trader sees the peso moving between P54.40 and P54.65 per dollar on Wednesday. — AMCS
