Peso seen to decline futher this week

The peso is seen to be sliding further to the dollar as the inauguration of the newly elected president Barack Obama draws near.Analysts see the peso's downward trend this week despite the declaration of a unilateral ceasefire of the Israeli forces on its offensive on Hamas that should be favorable to our workers working in the region."[Our bias is still towards] a weaker peso," a trader said.Remittances from overseas Filipino workers (OFWs) have not been enough to sustain the peso’s rise, he added."Due to the financial crisis, many OFWs are being threaten by massive layoffs, meaning there will be less dollar remittances in the succeeding months,"...

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