GMA News
Peso marks 4-year high as market cheers Biden victory, awaits Q3 GDP data
The Philippine peso appreciated against the US Dollar, closing at P48.145:$1 on Monday, marking its strongest performance in over four years.
This appreciation is attributed to the victory of Joseph Biden Jr. as the next US president, which is seen as generally favorable to Asia, including the Philippines.
Analysts anticipate an easing of the US-China trade war under a Biden presidency, potentially boosting trade and economic growth.
The peso's rise also coincides with a weaker US dollar globally, which has fallen to two-month lows.
Additional factors supporting the peso include a drop in local COVID-19 infections, low inflation, and improved exports.
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The Philippine peso reached its strongest point in over four years on Monday, November 9, 2020, closing at P48.145 against the US dollar.
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The Philippine Stock Exchange index (PSEi) closed at 6,644 on Thursday, November 5, gaining 2.8% and marking its fourth straight winning session.
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President Rodrigo Duterte congratulated Joe Biden on his election as the new President of the United States.
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The Philippine Stock Exchange index (PSEi) closed flat on Monday, extending its winning streak to six sessions, as investors awaited key economic data and assessed global developments.
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