Peso extends winning streak for 2nd straight session

The Philippine peso appreciated against the greenback for the second consecutive trading session on Wednesday, still driven by risk-on sentiment.

The local currency gained 4 centavos to close at P50.03:$1 from Tuesday's finish of P50.07:$1.

According to a foreign exchange trader from a local bank, Wednesday's appreciation came with the continued risk sentiment after gains on Wall Street.

"The USD/PHP pair extended its drop and continued to ride on Wall Street rallies," the trader said in a phone interview.

This comes as shares overseas on Wednesday were buoyed by optimism over a rapid economic recovery after the US retail sales showed a sharp rebound in May, Reuters reported.

US retail sales increased 17.7% in May versus the previous month, marking the largest monthly surge on record, amid the reopening of stores following lockdowns imposed the curb the spread of the coronavirus.

Locally, the Philippines is still under a general community quarantine (GCQ) until June 30. The Department of Health (DOH) on Wednesday reported 457 more infections, bringing the total confirmed COVId-19 cases to 27,238. —LDF, GMA News