BusinessWorld Online
Peso weakens vs dollar
The Philippine peso weakened against the US dollar, closing at P50.645:$1, a depreciation of 7.5 centavos from its previous day's close.
Market participants factored in the potential business repercussions of the COVID-19 outbreak, which increased safe-haven demand for the dollar.
This sentiment was amplified by Apple Inc.'s warning that it would miss its first-quarter revenue targets due to slowed production and reduced demand in China.
Concerns over the virus's impact on global corporate earnings and economic growth weighed down investor optimism.
Traders also cited expectations of less dovish cues from the US Federal Reserve minutes as a factor contributing to the peso's weakening.
🤖
This story was generated by AI to help you understand the key points. For more detailed coverage, please see the news articles from trusted media outlets below.
News Sources
See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.
The Philippine peso strengthened against the US dollar on Wednesday, closing at 50.57 from 50.695 a day ago, buoyed by reports of a slowdown in new Covid-19 cases in China and an upgrade in Fitch Ratings' outlook for the Philippines.
Read more →
The Philippine peso closed flat on Monday, February 17, 2020, while the stock market experienced a rise, despite ongoing concerns about the novel coronavirus (COVID-19).
Read more →
The Philippine peso closed sideways at P50.50 against the US dollar on Thursday, maintaining its gains.
Read more →
The main index of the Philippine Stock Exchange (PSEi) fell by 1.64% on Friday, closing at 7,282 points, due to investor concerns about the coronavirus disease 2019 (COVID-19) outbreak.
Read more →