Peso weakens on Monday due to coronavirus fears

The Philippine peso weakened on Monday due to increased risk aversion caused by concerns over the 2019 novel coronavirus (nCoV).

On Friday, however, the peso appreciated as the US dollar corrected lower amid concerns over the virus threat and lower global crude oil prices.

Michael Ricafort of RCBC noted that the spread of nCoV to more countries and increased deaths in China contributed to a slight strengthening of the US dollar against most Asian currencies.