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Little Changed After Philippine Unemployment Data

DOLLAR-PHP

USD/PHP has meandered, unfazed by the release of Philippine unemployment rate, which fell to 10.0% from 17.7% in July. Head of the Philippine Statistics Authority commented that nationwide unemployment eased as the economy reopened, albeit double-digit unemployment is still observed in some key regional economic hubs, including the capital region.

  • Philippine planning chief said that the nation must continue re-opening its economy to bounce back, per BBG.
  • Spot USD/PHP sits +1 pip at PHP48.55. A break above Aug 27 high of PHP48.67 would please bulls, turning focus to Aug 20 high of PHP48.71. Conversely, a fall through Sep 1 low of PHP48.44, the worst level since 2016, would reinstate bearish momentum.

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