Peso strengthens after Trump healthcare bill failed

The Philippine peso appreciated on Monday, as the greenback softened on concerns by market players that US fiscal stimulus may be delayed after President Donald Trump failed to get his healthcare reforms through Congress last week.

The local currency firmed up by 20.5 centavos at P50.120:$1 from 50.325 Friday.

"The peso appreciated today after the Trump administration failed to pass its healthcare bill. This defeat also fueled concerns of a delay in President Trump's promised fiscal stimulus," Guian Angelo S. Dumalagan, market economist at the Land Bank of the Philippines, said via email.

Trump was unable to get enough backing from legislators to "repeal and replace" the Obamacare health insurance reforms, a major election promise in 2016, according to a Reuters report.

The same report noted that the US dollar also depreciated against a basket of currencies, falling by 0.8 percent against the yen earlier in the day.