Peso rebounds to three-year highs
The Philippine peso rebounded to three-year highs on Wednesday, closing at P49.375:$1.
According to ING Bank Manila's Nicholas Antonio Mapa, the peso tracked regional peers due to fiscal stimulus in European markets and hopes for more US stimulus.
On Monday, the peso appreciated further, marking its best performance since November 2016, closing at P49.375:$1.
RCBC chief economist Michael Ricafort attributed the peso's strength to less demand for safe-haven currencies like the US dollar and improved economic data in the US.
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