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All Eyes On Fed Ahead Of Philippine GDP

PHP

Spot USD/PHP sits at PHP51.253, virtually unchanged on the day, with focus on today's Fed decision. A fall through Jan 12/5 lows of PHP50.955/50.900 would signal that bearish momentum is building, while bulls look for a clean break above the PHP51.500 figure, which marks recent cycle highs.

  • USD/PHP 1-month NDF last seen +0.040 at PHP51.390. Bulls look to a move through Jan 18 high of PHP51.950, while bears keep an eye on the 50-DMA at PHP50.831.
  • The Philippines' agriculture output rose 0.6% Y/Y in the final quarter of 2021, returning to growth after a 2.6% contraction recorded in the previous quarter.
  • Quarterly GDP and monthly trade data are due to hit the wires on Thursday.
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