Peso strengthens vs dollar, markets optimistic on recovery
The Philippine peso strengthened against the US dollar on Wednesday, closing at P48.038 per dollar, up 1.1 centavos from Tuesday.
Market optimism regarding legislative measures and economic recovery from the pandemic's impact supported the currency’s appreciation.
On Monday, the peso gained 2.4 centavos to close at P48.046:$1, driven by expectations of vaccine arrivals and optimistic sentiments about global recovery.
The country aims to start vaccinations for frontline healthcare workers next week, with a target to inoculate 1.4 million individuals within a month.
Markets are anticipating the Bangko Sentral ng Pilipinas' monetary policy meeting on Thursday, expecting a dovish stance from the central bank.
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