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Peso flat ahead of Fed meeting


The Philippine peso closed almost unchanged — albeit slightly stronger — against the US dollar on Tuesday, ahead of the  US Federal Reserve policy meeting.

The local currency gained 0.5 centavos to close at P52.105:$1 from Monday's finish of P52.11:$1.

"The peso went almost flat today as the market generally remained cautious ahead of the US Federal Reserve policy meeting which is scheduled over the Labor Day holiday," Guian Angelo Dumalagan, market economist at the Land Bank of the Philippines, said in an email interview.

The Federal Open Market Committee (FOMC) is scheduled to meet on April 30 and May 1 to discuss whether current conditions warrant a change in key policy settings.

Meanwhile, locally, there will be no trading on Wednesday, May 1, in celebration of the Labor Day which was earlier declared a regular holiday by Malacañang. — Jon Viktor D. Cabuenas/RSJ, GMA News

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