Peso extends gains, hits two-year high
The Philippine peso appreciated against the US dollar for the second consecutive trading session on Wednesday.
Wednesday's appreciation was driven by continued risk-on sentiment following gains on Wall Street and positive US retail sales data.
US retail sales increased 17.7% in May, marking the largest monthly surge on record as stores reopened after lockdowns.
On Tuesday, the peso finished at P50.07:$1, an improvement from its previous close of P50.345, supported by news of a new US stimulus program and easing global crude oil prices.
Ricafort forecasts the peso to remain strong against the dollar this year despite potential risks such as a second wave of coronavirus infections and slowdown in structural inflows of US dollars.
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.