The peso closed sideways against the dollar yesterday as investors still await the decision of the Federal Open Market Committee.

It capped the day at 44.26 from day-ago's 44.20.

The FOMC's policy meeting will end 3 a.m. today (Manila time) and a trader said investors were adamant to trade.

“Everyone is trained on whatever the decision is of the Fed. No one is taking positions,” the trader said.

The local currency has been trading sideways for weeks now ahead of the FOMC meeting and yesterday's weaker opening level of 44.25 from day-ago's 44.10 is not surprising.

Its weakest trade for the high was at 44.31 while strongest was at 44.23.

This brought the day's average to 44.27, way down compared to the 44.15 in the previous day.

Volume of trade reached $535.7 million, lower than day-ago's $752.8 million.

For Thursday, the peso is expected to trade between 44.10 and 44.40 although the trader cautioned that the range depends on the decision of the FOMC.

Some investors expect the possibility of a cut announcement today while most consider tapering of the Fed's $85 billion bond purchases next year.*PNA

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