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100-DMA Provides Support For Spot USD/PHP

PHP

In the wake of a rejection of support from its 100-DMA on Tuesday and a subsequent round of hawkish Fed comments, spot USD/PHP has pushed higher this morning and last trades +0.202 at PHP51.410. A rally above Mar 31 high of PHP52.092 would give bulls some reprieve. Conversely, bears look for a dip through the 100-DMA at PHP51.143.

  • USD/PHP 1-month NDF last +0.150 at PHP51.580. Topside focus falls on Mar 22 high of PHP52.790, while bears keep an eye on yesterday's low of PHP51.260.
  • Pres Duterte pushed back against further relaxation of Covid-19 rules, noting that the country should remain at Alert Level 1 until "everything is really alright."
  • While the local docket is empty today, jobs market figures & monthly trade report will hit the wires on Thursday and Friday respectively.

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