The peso gained some strength on Friday, Aug. 24, as some investors took profits from a stronger dollar earlier this week, although trading remained quiet due to lack of leads.
The local unit closed the week at P53.465 versus the greenback to mark a slight appreciation coming from the P53.48 finish on Thursday. This was the peso’s strongest rate since the P53.425 close on Wednesday.
The peso opened weaker at P53.51 per dollar and even hit P53.52 as its intraday peak. The currency touched P53.46 as its best showing during the session before settling at the closing rate.
Sought for comment, one trader pointed out that trading has been generally muted on Friday due to lack of substantial market movers.
“The peso moved sideways, it was very quiet today. There’s not much going on,” one trader said, even as he noted that the dollar picked up strength overnight.
The trader pointed out that players are likely watching out for the upcoming speech of United States Federal Reserve chair Jerome H. Powell on Friday night. He noted, however, that there is a “risk-off” tone among investors.
Players have long priced in another tightening move from the US Fed on September, and await cues from Mr. Powell towards this end.
Financial markets will be closed on Monday, Aug. 27 as the country observes the National Heroes’ Day holiday. — Melissa Luz T. Lopez