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Peso closes flat on US fiscal stimulus, election uncertainty
The Philippine peso closed flat against the US dollar on Wednesday at P48.375:$1, influenced by continued uncertainty regarding a US fiscal stimulus package and the upcoming US presidential elections.
Market players awaited news on the stimulus, with uncertainty stemming from mixed signals.
Investor sentiment was affected by disappointing US consumer confidence data, rising COVID-19 cases, and diminishing chances of a fiscal deal before the US election.
Former Vice President Joe Biden held a polling lead over incumbent President Donald Trump, but battleground states remained key to the election outcome.
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