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BSP Decision Eyed This Week

PHP

Spot USD/PHP has continued to gain altitude today and last changes hands +0.105 at PHP48.540, after clearing resistance from Apr 28 high of PHP48.540.

  • Bulls keep an eye on Apr 8 high of PHP48.650 and a break here would open up Mar 24 high of PHP48.690. Bears would be pleased by a retreat under May 27/Jun 16 highs of PHP48.185/48.175.
  • USD/PHP 1-month NDF last -0.010 at PHP48.640, with bears looking for losses past May 25 high of PHP48.310. A break above Apr 7 high of PHP49.010 would give bulls some impetus.
  • Philippine vaccine czar Galvez noted that the gov't plans to facilitate the rollout of Covid-19 vaccines and start inoculating teenagers this year.
  • BSP said Friday that it now expects current account surplus to reach $10.0bn in 2021 (prev. est. was $9.1bn) and $6.7bn in 2022 (prev. est. was $5.2bn).
  • Philippine budget balance is due for release tomorrow, while Thursday will see the announcement of the latest monetary policy decision from the BSP.

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