Election uncertainty hits Phillippine peso trading

The peso has been trading in a tight range between 55.60 and 56.00 per dollar since the May 10 elections, the results of which are yet to be announced.

"While there is still uncertainty, the markets will remain on a back foot," said Sameer Goel, regional strategist at Bank of America in Singapore. "But if this process were to end without disruption in the next 15 to 20 days, we would see an unwinding of the risk premium that's been incorporated in the peso, and the currency would gain."

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