THE PESO may move sideways against the dollar this week following stronger-than-expected US data and as the market awaits the release of key economic reports in the coming days.
The local unit closed the shortened trading week at P58.20 per dollar on Friday, weakening by 29 centavos from its P57.91 finish on Thursday, Bankers Association of the Philippines data showed. Philippine financial markets were closed for holidays on Dec. 30, Dec. 31, and Jan. 1.
Week on week, the peso slumped by 35.5 centavos from its P57.845-a-dollar finish on Dec. 27.
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