Peso-$ consolidates ahead of US economic data

The Philippine peso closed slightly weaker against the dollar on Tuesday, as pair continued to consolidate ahead of US employment data.

The local currency closed at P49.840:$1 Tuesday, slightly weaker than 49.820 Monday.

"It's just consolidating ahead of the non-farm payrolls. We're still trading between the 49.70 to 49.90 range," a foreign exchange trader from a local bank said.

The US is scheduled to release its non-farm payrolls data on Friday, with the market expecting payrolls to have grown by 180,000 this May.

"Tomorrow's the last day of May so we might see some increased volume due to that," the trader added. — Jon Viktor Cabuenas/VDS, GMA News