The Philippine peso traded on a weak note for the third straight session on Wednesday as investors took to safe-haven assets amid geopolitical tensions overseas.

The local currency softened by 8.5 centavos to close at P49.725:$1 from 49.640 on Tuesday.

“The peso continued to depreciate, still because of safe-haven buying amid geopolitical concerns abroad, including the presidential election in France and the tensions between the US and North Korea,” Guian Angelo Dumalagan, market economist at the Land Bank of the Philippines said.

France’s first round of presidential elections this weekend and ongoing geopolitical tensions increased demand for safe-haven US debt, according to a report by Reuters.

The first round of France’s presidential election has been scheduled on April 23, the second round on May 7.