Philippine Peso Ends Monday Sideways Vs. USD On Hawkish Insights From Fed Presidents

The Philippine peso ended Monday sideways against the dollar following a long weekend due to the Holy Week and more hawkish statements from Federal Reserve officials.

It finished Monday at PhP46.34 from PhP46.40 Wednesday last week.

A trader said upward revision of the US economy’s 2015 fourth quarter growth estimate to 1.4 percent from one percent expansion previously buoyed investors’ sentiment.

This also resulted to positive statements from at least three Fed presidents with Philadelphia Fed President Patrick Harker and Federal Reserve Bank of Chicago President Charles Evans indicating the possibility of a rate hike in the near term and St. Louis Federal Reserve President James Bullard, a voting member, saying the April meeting of the Federal Open Market Committee (FOMC) would go “live”.

The local unit started the week’s trading weaker at PhP46.43 from the previous session’s PhP46.26.

It traded between PhP46.53 and PhP46.33 bringing the day’s average at PhP46.45.

Volume of trade reached US$ 617.9 million, higher than the US$ 557 million at the end of last week.

For Tuesday, the currency pair is seen to trade between PhP46.30 and PhP46.50. (PNA) LGI/JSV/SSC