The peso will likely weaken this week as the dollar is seen to remain “relatively strong” amid mixed data.
On Friday, May 11, the peso dipped to P52.19 versus the greenback from Thursday’s finish of P51.80 following the “dovish” remarks from the Bangko Sentral ng Pilipinas last week, saying the 5 basis point hike will suffice to curb the rising inflation.
Week on week, the peso also fell from its P51.675-per-dollar finish on May 4.
Land Bank of the Philippines (LANDBANK) market economist Guian Angelo S. Dumalagan said the dollar is seen to “remain relatively strong” this week.
“The dollar is expected to remain relatively strong this week, despite likely mixed US economic reports, amid bets of more hawkish statements from US policymakers and potentially softer economic data from Japan and the Eurozone,” he said in an e-mail Saturday, May 12. — Karl Angelo N. Vidal