Peso extends winning streak on coronavirus vaccine hopes

The Philippine peso continued to appreciate against the dollar on Thursday, cheered by positive results in the experimental vaccine against the coronavirus.

The local currency gained 9 centavos to close at P49.73:$1 from Wednesday's finish of P49.82:$1.

According to a foreign exchange trader from a local bank, the peso was buoyed on developments regarding coronavirus vaccine trials.

"The [USD/PHP] pair closed lower as the market welcomed positive results in the Pfizer trials," the trade said in a phone interview.

Pfizer and German firm BioNTech reported strong immune responses in recipients of the experimental coronavirus vaccine, but such study has not yet been peer-reviewed.

"The potential treatment is the fourth early-stage COVID-19 drug to show promise in human testing, along with projects involving Moderna, CanSino Biologics and Inovio Pharmaceuticals," Reuters said in a report. — BM, GMA News