Peso weakens on lack of market-moving news

The peso slightly depreciated on Monday, downed by a lack of positive catalyst.

The local currency lost 3 centavos to close at P47.545:$1 from 47.515 Friday.

"Actually, no real market news today affecting the US dollar-Philippine peso pair. Three centavos for me counts the same as no movement based on news," said Josef Paolo Reyes, foreign exchange trader at the Development Bank of the Philippines.

He noted, however, that the peso is expected to be affected by the release of the Chinese purchasing managers index (PMI) on Tuesday.

"Tomorrow we should focus on the Chinese PMI. This may move the US dollar-Philippine peso rate," he said. – VDS, GMA Mews