Peso strengthens as investors await Georgia elections results

The Philippine peso rebounded against the US dollar on Wednesday, with investors awaiting the outcome of Georgia's Senate runoff elections.

The local currency gained 3.2 centavos to close at P48.033:$1 versus Tuesday's finish of P48.065:$1.

Results of the runoff elections have yet to be confirmed, with Democratic challengers projected to win.

"The market is waiting for the results of the Georgia elections as this could dictate the direction of the world's biggest economy," a foreign exchange trader said in a phone interview.

"Investors are taking a wait-and-see attitude... there's a lot to be concerned about - not only in the US with the elections but also because of the different strains of the virus that are now being reported around the globe," CFRA chief investment strategist Sam Stovall was quoted as saying in a Reuters report.

A majority of Democrats in Congress, the same report said, could pave the way for President-elect Joe Biden to push through greater corporate regulation and higher taxes.—AOL, GMA News