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No Reprieve For Peso, PHP59 All-Time High For USD/PHP Under Attack

PHP

Spot USD/PHP last deals +0.119 at PHP58.984, approaching the PHP59 record high, as upside pressures prevail. Bears need a dip through Oct 5 low of PHP58.395 and towards the 50-DMA at PHP57.022 to get some initial reprieve.

  • USD/PHP 1-month NDF last +0.110 at PHP59.180. Topside focus falls on Sep 28 high of PHP59.460, while bears keep an eye on Oct 5 low of PHP58.520, followed by the 50-DMA at PHP57.270.
  • Foreign investors shed a net $3.84mn in Philippine stocks, while the PSEi was marginally higher, extending gains this morning.
  • BSP Gov Medalla will speak at a thrift bank group's event today.

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