THE PESO may rise against the dollar this week following weak US labor data and as the market continues to monitor developments in the Middle East. Still, week on week, the local unit climbed by 34 centavos from P61.24 on July 31. The peso weakened on Friday amid renewed uncertainty over a peace deal between the United States and Iran, as well as weak Philippine gross domestic product (GDP) growth data, a trader said by phone. The trader sees the peso moving between P60.50 and P61.20 against the dollar, while Mr. Ricafort expects it to range from P60.60 to P61.10. The US unemployment rate fell to 4.1% as the labor participation rate fell to a near a five-and-a-half-year low of 61.4%.