Peso inches up vs dollar ahead of Fed meeting

1 Mins read
THE PESO barely moved versus the dollar on Tuesday as investors waited for the US central bank’s latest policy decision. — BW FILE PHOTO

THE PESO ended almost flat against the greenback on Tuesday as the market waits for new signals from the US Federal Reserve’s policy meeting.

The local unit closed at P48.381 per dollar on Tuesday, inching up from its P48.39 close on Monday, data from the Bankers Association of the Philippines showed.

The peso opened Tuesday’s session at P48.37 per dollar, which was also its intraday best. Meanwhile, its weakest showing was at P48.435 against the greenback.

Dollars exchanged rose to $643.5 million from $514.68 million on Monday.

The peso was barely changed as investors await the policy decision of the Fed, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

The Federal Open Market Committee will revisit its policy settings on April 27-28. Fed Chairman Jerome Powell last week said they remain fully committed to their mandate of maximum employment and stable prices while also recognizing inflation could be “a little higher” this year, Reuters reported.

Meanwhile, a trader said the peso inched up against the dollar following weaker-than-expected US retail sales data in March.

Data from the US Commerce department showed orders for non-defense capital goods excluding aircraft picked up by 0.9%, turning around from the 0.8% contraction in February, Reuters reported. However, it was lower than the 1.5% anticipated by economists in a Reuters poll.

For Wednesday, Mr. Ricafort gave a forecast range of P48.33 to P48.43 per dollar while the trader expects the local unit to move within the P48.30 to P48.50 levels. — LWTN with Reuters

Related posts

Developing strategic business partners

3 Mins read
The signing of MoU between CIMA, PAMA, AND PICPA The Chartered Institute of Management Accountants (CIMA), Philippine Association of Management Accountants (PAMA),…

Foodsphere receives Safety Seal from DOLE

2 Mins read
Food Company, Foodsphere Inc. becomes the first manufacturing company in the country to receive the Safety Seal certification from the Department of…

EXPLAINER: What's happening with Tesla's $7 billion German 'gigafactory'?

3 Mins read
GRUENHEIDE – Next Thursday, July 1, was supposed to be a day of celebration for Tesla: the opening of its self-styled “gigafactory”…
Power your team with InHype
[mc4wp_form id="17"]

Add some text to explain benefits of subscripton on your services.

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!