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THE peso
fell two centavos to close at P45.57 per dollar in range
trading Thursday.
“The
foreign-exchange market is taking a breather because of
the volatility. Trading was listless as the market waits
for more news of oil price. The market is also reacting
negatively to news on inflation,” said Security Bank
treasurer Rafael Algara.
Algara
said the market is also keeping a close watch on the
central bank’s policy meeting next week when it will
make a decision on the interest rate.
“The
market has already priced in on that [possible rate
hike], expecting an increase of 25 basis points,” he
said.
Antonio
Espedido, a treasurer of Chinabank, said the market is
expecting a range-bound trade until next week prior to
the Bangko Sentral ng Pilipinas monetary board meeting
on Thursday.
“The
trade today was flattish; everybody’s waiting for the
monetary board meeting next week. We are expecting a 25-
to 50-basis-point increase [in interest rates],” he
said.
He said,
right now, the market is getting direction from overseas
inflows and oil demand. |
