Peso continues to climb to fresh three-year high

The Philippine peso appreciated against the US dollar for the fourth consecutive trading day on Wednesday, carving another three-year high.

The local currency gained 1.5 centavos to close at P48.385:$1 versus Tuesday's finish of P48.4:$1. This is now the strongest showing of the peso since it closed at P48.34:$1 on November 3, 2016.

According to a foreign exchange trader from a local bank, the market continues to await the latest policy meeting of the Federal Reserve.

"The market is anticipating dovish cues from the US Fed," the trader said in a phone interview.

He was referring to the Federal Open Market Committee (FOMC) meeting scheduled on September 15 and 16, to discuss whether or not a change in policy rates is warranted given the current conditions.

This week's meeting is the first since unveiling a landmark shift to a more tolerant inflation stance in August, while the Bank of Japan and the Bank of England are scheduled to announce their respective policy decisions on Thursday.—AOL, GMA News