Peso attains terminal velocity but where is the volume?

The peso closed at 45.530 to the US dollar Thursday, with minimal volatility but at heavily reduced trading volumes.

The Philippine Dealing System PDS, through which the banks buy and sell currency, saw the peso open on Thursday at 45.550, weaker than WednesdayÆs close of 45.500.

On Wednesday, the peso sank to a record low of 45.840.

From there, the peso weakened further to 45.560 by 10am with a trading volume of only $16.0 million. Where were the players At this volume, they were waiting for the Bangko Sentral ng Pilipinas BSP, which on Wednesday injected about $80 million into the system. The BSP credited its intervention as the main driver for the pesoÆs reverse price action after a six-day fall. By...

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