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The dust has settled after yesterday's sharp rally in spot USD/PHP and the rate trades little changed at PHP48.400 as we type. The next layer of resistance is provided by Apr 28 high of PHP48.475 and a move through that level would draw attention to Apr 8 high of PHP48.650. Bears need a dip through the 200-DMA, today at PHP48.275, before taking aim at May 27 peak at PHP48.185, a former resistance level.
- USD/PHP 1-month NDF last -0.050 at PHP48.510. A retreat under Jun 17 low/50-DMA at PHP48.178/48.160. Meanwhile, a jump above Jun 17 high of PHP48.630 would expose Apr 28 & 29 highs of PHP48.650.
- BSP Gov Diokno said Thursday that the central bank will keep accommodative monetary policy settings in place, adding that policymakers stand ready to deploy additional supportive measures if needed. Bangko Sentral ng Pilipinas are set to deliver their latest monetary policy decision next Thursday.