Peso closes flat on US fiscal stimulus, election uncertainty

The Philippine peso closed flat against the dollar on Wednesday, as uncertainties continued to hound prospects of a fiscal stimulus in the US amid the upcoming elections.

The local currency closed Wednesday at P48.375:$1, unchanged from its finish on the previous trading day.

Market players continued to await news on the planned fiscal stimulus in the United States, ahead of the presidential elections scheduled next week on November 3.

"The peso closed flat today as markets remain uncertain from mixed signals on the US stimulus," the trader said in a phone interview.

"Markets had a risk-off tone as US consumer confidence data disappointed, COVID-19 cases continue to rise, and the chances of a fiscal deal before the US election faded," ANZ analysts were quoted as saying in a Reuters report.

In terms of the election, former Vice President Joe Biden has continued to enjoy a polling lead over incumbent President Donald Trump, but battleground states could still determine the outcome. — BM, GMA News