Peso makes slight gain on US dollar in light trading

The peso on Monday barely moved in thin trading as most investors were still in holiday mood on the heels of a four-day Holy Week break.

The local currency gained by 0.5 centavos to 44.425:$1 from Wednesday's 44.43.

"Most investors are still on a holiday mode, with other markets like Hong Kong and United Kingdom still closed for the Easter holiday," Security Bank first vice president for treasury Andre Ibarra said.

Philippine financial markets were closed since Thursday for the Holy Week break.

In Asia, most currencies eased on Monday as the dollar stayed firm after upbeat US economic data and on caution over tensions in Ukraine, while trading in the region was subdued with some global markets still closed for the Easter holiday, Reuters reported.

Continued dollar inflows after a four-day Holy Week break and dollar demand from corporates kept the peso-dollar trading range-bound, a trader at a local bank said in another phone interview.

"It was a two way interest in probably the lowest trading volume for the year," the trader said, citing only $315.9 million changed hands compared with $671.3 million last Wednesday.

This week, investors will likely wait for more clues from China, more US data to confirm growth and developments in Ukraine, the trader said.

Existing and new home sales and durable goods data in the US will be highlighted in this week's trading, Security Bank's Ibarra said. – VS, GMA News