The monetary unit of the Philippines was driving toward its third consecutive weekly advance against the U.S. dollar on Friday in the aftermath of the central bank noting it stands prepared to intervene, Bloomberg reports.
As the peso pushed toward its lengthiest bullish trend since September of last year, Governor Amando Tetagnco with the Bangko Sentral ng Pilipinas said in Australia that the body he leads may continue smoothing fluctuations with the peso. He noted the “spillover effect” of U.S. Federal Reserve decisions regarding stimulus policy.
“The peso is consolidating its gains for the month and may trade between 44.30 and 45.30 for the next few weeks,” head of foreign-exchange trading Alan Cayetano with the Bank of the Philippine Islands in Manila told the news source on Friday. “There’s still the risk that the emerging-market issues will appear again soon.”
The peso rose about 0.2 percent this week against the U.S. dollar and thus far this month it has climbed 1.5 percent.
GMA News reports the peso’s climb on Friday closes three consecutive trading sessions of slumping against the U.S. dollar.
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