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BSP Gov Diokno Downplays Importance Of GDP Slump

DOLLAR-PHP

USD/PHP has meandered, last trades +4 pips at PHP49.09. Comments from BSP Gov Diokno provided some interest earlier today. The official said that the above-forecast decline in Philippine Q2 GDP does not endanger the country's fundamentals, e.g. low debt, high tax effort, stable inflation, strong currency and well-capitalized lenders. Diokno pushed back against the potential for a downgrade to the Philippines' credit rating.

  • Elsewhere, the Philippines overtook Indonesia in the number of domestic confirmed coronavirus cases, becoming the informal epicentre of Covid-19 in South-East Asia.
  • Bulls keep an eye on Jul 23 high of PHP49.47; a breach of that level would draw attention to Jul 16 high of PHP49.59. Bears look for a dip through the YtD low of PHP49.02, printed yesterday. This would turn focus to Jun 5, 2017 low of PHP48.94.
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