MANILA — The Philippine peso ended the week weaker against the greenback on Federal Reserve’s dovish stance and ahead of the release of US’ June non-farm payrolls report later in the day.
It shed Php 0.12 to close at 47.12 from 47.00 Thursday.
A trader said investors were on the look-out for the payrolls report after only 38,000 new jobs were added in the US last May.
The dovish stance of the Fed, as shown in the minutes of the Federal Open Market Committee (FOMC) meeting last June that was released this week, was also a factor since investors would have an idea on the path of the Fed rates, a trader said.
Concerns on Fed rates along with global economic developments resulted in the weaker opening of the local currency at 47.10 from the 47.03 a day ago.
It traded between a close range of 47.13 and 47.06 resulting to an average of 47.09.
Volume of trade reached USD 354.5 million, lower than the USD 570.9 million Thursday.
The currency pair is seen to trade between 47.00 and 47.30 next week. Joann Santiago/ PNA/ northboundasia.com