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THE peso
yesterday breached the P45 level as the market waits for
the June inflation data that is expected to hit the
two-digit level on surging oil prices, currency traders
said.
The
local currency settled at P45.02 per dollar, from P44.90
Monday. It traded at a high of P44.84 and a low of
P45.020 during the session.
A total
of $811.50 million changed hands.
“The
central bank was there. It started selling dollars at
the P44.99-per-dollar level,” a trader said.
Rizal
Commercial Banking Corp. senior vice president for
financial markets Marce Ayes said the market is looking
at P44.50 as the support level and P45.50 as the
resistance level.
The
central bank on Monday said inflation in June likely
rose to 10.4 percent to 11.2 percent on soaring fuel and
commodity prices, as well as high wages.
The
price of crude oil remained above $140 per barrel
Tuesday.
“Equities are also down today. As it often happens, the
market is bearish while it is waiting for the June
inflation data, as well other domestic data which will
be released, such as the second-quarter GDP, which is
expected to be affected by the typhoon,” a currency
trader from a universal bank said. |
