The peso, one of the worst-performing Asian currencies in April, rose on Monday to its best level in two weeks against the US dollar following a three-day weekend that saw remittance inflows piled up and with investor appetite for risk holding up, dealers said.

The local unit rose to as high as 48.10 per dollar before settling at 48.12 on the first trading day of May, its best finish since April 20, when it closed at 48.09.

“The market continued to price in a possible recovery of the global economy later this year,” said a treasury official of a local commercial bank. “There is less pressure now on emerging-market assets.”

The volume of remittances of Filipinos abroad usually picks up this time of the year as they send home more money for school fees and other expenses ahead of the school opening in June.

But analysts said the peso’s rebound may be tentative, especially with markets nervous ahead of the results—to be released on May 7—of the US banks’ stress test. Any negative surprises could spark a new wave of risk aversion,” said DBS Bank currency strategist Philip Wee.

The peso fell to as low as 48.995 last week but market sentiment improved later in the week, sparking a relief rally for the local unit, which posted weekly gain of 0.4 percent

Wee said the peso bucked the trend in Asia last month when most currencies appreciated as the dollar lost its safe-haven appeal amid renewed hopes of an economic recovery later this year.

“Despite being one of the high-yield currencies, the Philippine peso could not attract interest because of renewed worries over its rapidly widening budget deficit,” he said.

The government has further raised the deficit ceiling for this year to P199.2 billion, or 2.5 percent of gross domestic product, from 2.2 percent previously as it intends to increase spending to boost economic growth despite the expectation of weaker revenue. The deficit swelled to P119.7 billion in the first quarter.