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Peso edges higher ahead of Fed

THE PESO moved sideways against the dollar on Monday as the market awaits the US Federal Reserve’s meeting this week, as well as positive developments in the US-China trade talks.

The local unit ended trading at P51.08 against the greenback on Monday, stronger by five centavos from its P51.135-to-a-dollar close on Friday.

The peso opened the session at P51.15 per dollar. Its weakest point for the day was at P51.18, while its best showing against the greenback was its close of P51.08.

Dollars traded on Monday thinned to $665.3 million from $1.396 billion on Friday.

Currency traders attributed the peso’s movement to the wait-and-see approach of the market two days before the Fed’s Oct. 29-30 policy meeting.

“It’s been quiet today as the market went for wait-and-see approach for an expected 25 basis points cut in the US Fed policy rates. The peso moved sideways on the back of corporate demand or corporate covering,” a trader said by phone on Monday.

“The peso appreciated from market risk-on sentiment after both the US and China reportedly “close to finalizing” on a bilateral trade deal. The local currency might strengthen further in anticipation of a likely US policy rate cut from the Federal Reserve this week,” another trader said in an email.

US President Donald Trump has said he hopes to sign the deal with China’s President Xi Jinping next month at a summit in Chile.

For today, the first trader sees the peso playing around P51.00-P51.20, while the second trader sees the exchange rate moving within P50.95-51.15. — Luz Wendy T. Noble

The post Peso edges higher ahead of Fed appeared first on BusinessWorld.

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