Peso sheds half-a-centavo in directionless trading

Lack of compelling market leads kept the peso sideways agains the dollar in directionless trading Wednesday.

 

The local currency shed half-a-centavo to end at 41.175:$1. “The market is directionless, moving in a very, very tight range,” a trader said, noting the 5.5-centavo trading range. 

 

On Wednesday, the peso hit a high of 41.22 and a low of 41.165 to a dollar. 

 

“It's very quiet today, very small trading,” a second traded noted, citing the $649.7 million volume on Wednesday from $717.1 million a day previous.

 

“I think investors are waiting for what will happen overnight at the US Fed  meeting,” the second trader added. 

 

Investors took on a wait-and-see attitude regarding Fed Chairman Ben Bernanke's testimony Wednesday on the US economic stimulus program called qualitative easing. 

 

Minutes of the US' Federal Open Market Committee (FOMC) will also be released after Bernanke's statement. — VS, GMA News