Peso continues sideways close vs. USD

By Joann Santiago

MANILA, July 20 (PNA) — The Philippine peso ended Monday sideways to a greenback as investors continue to see unfolding events in Greece.

The local currency finished the week’s first trading day at 45.23 frm 45.25 Thursday last week. There was no trading last Friday because of a holiday.

A trader said the currency pair is seen to trade within a close range in the near term as developments in Europe and in the US call for a cautious movement.

“Greece’s problems are not yet over while normalization in the US is seen to be delayed than earlier anticipated although a hike this year has been priced in,” a trader said.

With these factors in play, the trader said there is no need for investors to just move their funds constantly but instead keep a tight watch on external factors.

This is the main reason for the close trading range of the peso against the dollar lately, the trader cited.

For the day, the peso opened at 45.26, almost unchanged from the 45.25 in the previous trading.

It moved between 45.22 and 45.30 resulting to an average of 45.25.

Volume of trade reached USD 346.2 million, way below the USD549.5 million at the end of last week’s trading.

For Tuesday, the currency pair is seen to trade between 45.20 and 45.40. (PNA)