Peso to Trade Rangebound Ahead of US Job Report

The Philippine peso is expected to trade within a narrow range against the US dollar this week as investors await the release of the September US job report, which may influence the Federal Reserve's interest rate decision.

A trader said that the local currency strengthened by 27 centavos to P62.465 per dollar on Friday from Thursday, its strongest finish in almost a month, according to Bankers Association of the Philippines data. The peso gained 28.4 centavos week-on-week.

Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., attributed the peso's strengthening to seasonal remittance inflows ahead of the fourth quarter and the holiday season.