Spot USD/PHP operates at PHP52.388, in close proximity to key resistance from PHP52.500. That level has come under pressure over the recent days and should it give way, bulls could target Aug 15, 2019 high of PHP52.620. On the flip side, bears look for a slide through Apr 13 low/50-DMA at PHP51.875/51.852.
- USD/PHP 1-month NDF last seen -0.040 at PHP52.540. Downside focus falls on the 50-DMA/Apr 13 low at PHP52.047/52.020, while bulls see Mar 14 high of PHP52.940 as their key initial target.
- The minutes from Bangko Sentral ng Pilipinas March monetary policy meeting showed that policymakers' 2022 GDP outlook for the Philippines was lower than before, albeit specific numbers were not revealed. The document cited a suite of familiar risks to global growth as the reason behind the downgrade. Furthermore, policymakers tipped hat to higher inflation expectations, but said they remain anchored within the target range.
- Philippine budget balance and bank lending data are expected to hit the wires next week.