Peso seen trading 55.30 to 56 next week – RCBC

Rizal Commercial Banking Corp. expects the peso to trade between 55.30 to 56.00 next week.

The peso ended the week better against the US dollar this week after climbing to the P55-level.

The local currency closed at P55.71 a dollar from P56.1 on Thursday. Volume reached USD1.28 billion, up from Thursday’s USD898.7 million.

RCBC chief economist Michael Ricafort said the local currency closed to its strongest in nearly four months, or since Aug. 12, when it finished at P55.61 to a greenback.

He traced the peso’s strength partly to the expected higher inflows of overseas Filipino workers’ (OFWs) remittances, a seasonal event during the Christmas holidays.

Ricafort said the US dollar continued to weaken against major currencies “after the softer US economic data recently.”

He was referring to, among others, the ISM Manufacturing index, a major economic report, which registered a reading of 49 last month, weaker than estimates. An index of above 50 shows expansion but those below 50 shows otherwise. (PNA)

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