Peso retreats as safe-haven demand buoys dollar

The Philippine peso retreated against the US dollar on Wednesday, as the greenback was lifted by safe-haven demand.

The local currency lost a centavo to close at P48.39:$1 versus Tuesday's finish of P48.38:$1.

According to Land Bank of the Philippines chief economist Guian Angelo Dumalagan, the dollar appreciated on the demand for safe-haven assets.

"The peso depreciated from safe-haven demand after President Trump ordered to halt all stimulus discussions with Democrats until the US election day on November 3," he said in an email exchange.

US President Donald Trump, through a post on his official Twitter account, said he halted negotiations for additional stimulus until after the elections.

...request, and looking to the future of our Country. I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business. I have asked...

— Donald J. Trump (@realDonaldTrump) October 6, 2020

"I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business," said Trump. -MDM, GMA News