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Duterte Criticises China, Xi Says China Won't Seek Hegemony

PHP

Spot USD/PHP trades +0.035 at PHP50.675 as we type. Bulls need a clearance of Oct 22 high of PHP50.907 before setting their sights on Sep 27 high of PHP51.036. Bears see Nov 19 low of PHP50.220 as their initial target, followed by Nov 15 low of PHP49.775.

  • USD/PHP 1-month NDF last seen -0.020 at PHP50.760. Bears look to a slide through Nov 19 low of PHP50.290, while bulls would be pleased by a recoil above Nov 3 & 4 highs of PHP50.920.
  • Pres Duterte lashed out at China for blocking Philippine vessels en route to the contested Ayungin Shoal. Separately, Chinese Pres Xi told ASEAN leaders that Beijing will "never seek hegemony, let alone bullying the small nations as a big country."
  • The House of Representatives approved a one-year extension of this year's PHP4.5tn national budget "to allow the agencies to fully utilise [it] to implement government programmes and projects."
  • Philippine budget balance will be published tomorrow, there is no fixed time of the release.
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