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Liquidity Thinned By Onshore FX Market Closure

PHP

USD/PHP 1-month NDF last -0.010 at PHP56.160, with onshore currency and bond markets closed due to a powerful storm which hit the main Luzon island. Government offices and the central bank will be shut today, but stock trading will continue.

  • From a technical perspective, should 1-month NDF move below the 50-DMA (PHP55.647), bears could target Jul 29 low of PHP55.170. Bulls look for a rally towards the all-time high of PHP56.740.
  • Foreign investors shed a net $1.8mn in Philippine equities on Tuesday. The PSEi rebounded this morning, erasing the Tuesday's loss, and last sits up ~1.1% on the day.

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