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GM: Peso-dollar rate flat ahead of Fed chair Yellen's speech
 
The peso traded flat on Friday as foreign funds that came in and propped the local currency were offset by a cautious market ahead of Federal Reserve chief's speech that could give hints on the future of interest rates.

A dollar fetched P43.835, just half a centavo higher from P43.830 Wednesday. It opened at P43.80 and traded between P43.87 and P43.75.

The dollar was stronger versus major currencies, BDO Unibank Inc. chief market strategist Jonathan Ravelas told GMA News Online.

"What's keeping the peso-dollar exchange within the P43.60-43.90 range is the foreign portfolio flows in the stock market," he said.

The PSEi on Friday soared to its highest in 15 months as foreign players positioned in blue chips stocks on favorable global market conditions.

But investors remained cautious ahead of Federal Reserve Chair Janet Yellen’s speech before reacting to positive labor market and manufacturing data discussed in the FOMC meeting, MetisEtrade Inc. research analyst Guaya Yroen Melgar said in an e-mailed commentary.

"While most investors are expecting Yellen to reiterate her dovish tone and remain cautious as to giving any signal when interest rates could be increased, any hint of monetary policy tightening sooner than the original expectations could weaken emerging market currencies," she said.

"Currently, expectations are that US interest rates will be adjusted in the third quarter of 2015," she noted.
Source