Peso weakens vs dollar ahead of Brexit referendum
MANILA, Philippines (Philippine News Agency) — The Philippine peso weakened against the US dollar on Wednesday as investors took to safe haven ahead of the Britain's referendum on whether to remain or leave the European Union.
The local unit shed P0.24 after it ended the day at P46.62 from P46.38.
A trader said the local currency's weakness was expected as investors stayed on the sidelines ahead of Britain's polls on June 23.
Another factor was Federal Reserve Chairman Janet Yellen's testimony before the US Senate's Banking committee wherein she said any hike in the Fed's key rates would be made if monetary officials have seen enough improvement in US labor market.
The local unit opened the day sideways at 46.39 from day-ago's 46.32.
It traded between 46.64 and 46.36 resulting an average of 46.51.
Volume of trade reached $830.5 million, higher than the $412.3 million a day ago.
The peso is seen to trade between 46.30 and 46.60 on Thursday. — Joann Santiago, PNA
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