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MANILA - The peso on Tuesday closed to a new four-year high at 41.56 against the US dollar, erasing the previous record of 41.615 posted last Monday.
At the Philippine Dealing System, the peso opened weaker at 41.67:$1 before trading between 41.67 and 41.56. Trading volume was thin at $592.8 million compared with Monday's $804.5.
A currency trader said regional currencies rallied before a German Constitutional Court ruling on the euro zone's bailout funds, which could remove one risk for Europe.
Investors' eyes are also on the US Federal Reserve, which could announce a third round of quantitative easing in light of the disappointing payrolls numbers last Friday.
"It seemed that the market continues to lack conviction to break 41.500 and with rumors of CB bids at 41.550, some buying ensued as the local pair closed at 41.615," Metrobank Research said.
The peso is expected to trade within a 41.40 to 41.85 range on Wednesday, traders said.
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