The expectation is that the peso will sustain its upward momentum against the dollar. This is because of the US data due this week, which is seen to support the Federal Reserve’s dovish tone on the interest rate hikes. The local unit surged towards the latest peak this year at Php 46.36 against the greenback.
The currency’s latest finish is its best showing since October of 2015. A trader, when interviewed by phone stated that the “focus will still be on what the US central bankers said in its latest policy meeting. Data releases this week and Fed speakers will be closely monitored for further guidance although we don’t expect surprising numbers especially from the US.” This week, the peso’s support is at Php 46.10.
