• Peso moves sideways vs USD ahead of EU meeting

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    The Philippine peso ended on Monday sideways to a greenback as markets await the result of the emergency summit in Brussels targeted to address the Greek debt crisis.

    It finished the week’s first trading day at 45.05 from 45.11 Friday last week.

    A trader said markets are on the lookout of whatever decision would be made after the meeting of 19 European Union (EU) leaders.

    “Questions remain whether a bailout package would be agreed or not. This made investors withdraw some of their dollar holdings because of uncertainties,” the trader said.

    For the day, the local unit opened at 45.05, weaker than the 44.90 in the previous trading.

    It was able to strengthen to 44.98 but also slipped to 45.07 bringing the day’s average to 45.02.

    Volume of trade reached $494 million, lower than the $625.6 million at the end of last week.

    For Tuesday, the currency pair is seen to trade between 44.90 and 45.10.

    PNA

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