Peso trades sideways ahead of Q1 GDP

The Philippine peso traded basically flat against the dollar on Tuesday as traders took a cautious stance ahead of the first quarter gross domestic product (GDP) data to be released this week.
 
The local currency closed at P49.680:$1, or 1 centavo firmer than 49.690 on Monday.
 
“The Philippine peso traded sideways with an upward bias as market players held off on big moves in anticipation of the release of Philippine first quarter GDP data,” BPI Asset Management said in its daily market recap.
 
Land Bank of the Philippines market economist Guian Angelo Dumalagan noted the expectations were upbeat regarding the first quarter GDP amid weaker-than-expected US inflation. It made the peso more attractive relative to the dollar.

On Thursday, May 18, the Philippine Statistics Authority and the National Economic and Development Authority are scheduled to report on the country’s economic performance during the first quarter of the year. — VDS, GMA News