Peso sustains sideways close vs. USD

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MANILA – – The peso ended the week’s first day of trading sideways to a dollar at 45.16 from last Friday’s 45.12 as investors remain on watch on developments in Greece.

A trader said turn-out of Sunday’s Eurozone summit gave investors some hope for the eventual resolution of Greece’s debt issues but nothing is firm yet until after Wednesday.

This after Eurozone leaders agreed “in principle” to give Greece its third bailout program.

Greece’s officials, however, are required to pass by Wednesday reforms being asked by Eurozone leaders, a measure thrashed by Greek voters during a referendum held last July 5.

The peso opened the day at 45.15, slightly better than the 45.20 in the previous trading.

It was able to strengthen to 45.10 but also slipped to 45.19 mid-trade resulting to an average of 45.15.

Volume of trade reached USD 527 million, a tad higher than the USD 456.

9 million at the end of last week.

The currency pair is seen to trade between 45.10 and 45.30 Tuesday.