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Extending Weakness


The peso continues to trade on a softer footing, with spot USD/PHP last seen +0.040 at PHP51.430, despite the absence of any obvious domestic headline catalysts. Bullish focus remains on key resistance from PHP51.500 and a clean break above there is needed to signal the resumption of broader topside trend. Bears look for a pullback under Feb 3/Jan 5 lows of PHP50.920/50.900.

  • USD/PHP 1-month NDF last -0.040 at PHP51.630. Bears keep an eye on Feb 1 low of PHP50.830, while bulls look to a move through Jan 18 high of PHP51.950.
  • The Philippine Statistics Authority will publish jobs market data on Thursday.

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