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Spot USD/PHP trades -0.080 at PHP50.290, moving further away from its recent cycle peak at PHP50.496. Further losses past Jul 13 low of PHP49.940 would bring Jul 2 low of PHP49.085 into play. Conversely, a jump above PHP50.288 would allow bulls to set their sights on May 28/22, 2020 highs of PHP50.770/50.795.
- USD/PHP 1-month NDF last seen at PHP50.450, virtually unch. on the day. Bears keep an eye on Jul 13 low of PHP50.100, while bulls look for a move through Jul 19 high of PHP51.390.
- FinSec Dominguez said Wednesday that the recent depreciation in peso value has been driven by importers' demand for the USD as domestic economy recovers. Dominguez also said that the gov't is not "gun shy" in terms of offering economic relief and could reconsider its fiscal stimulus package "if we have a more difficult situation."
- The Presidential Palace said officials are considering a travel ban on Malaysia and other neighbouring countries, after denying entry to travellers from Indonesia.
- In the Banking Sector Outlook Survey for 1H2021, BSP warned that most local banks see nonperforming loan ratio above 5% in the next 2 years.
- Philippine June budget balance will hit the wires on Friday.