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Official Comments Suggest Little Push Back Against Recent PHP Weakness

PHP

Comments from Philippines Secretary of Socioeconomic Planning Arsenio Balisacan have crossed the wires, with the secretary stating a weaker Peso can boost Philippines trade competitiveness.

  • At this stage there are no other details around the comment, but it does suggest some comfort with recent PHP weakness.
  • To recap the PHP is down 3.5% in April to date, comfortably the worst performer within EM Asia FX MTD. We last tracked in the 56.36/40 region, targeting 56.50 in the near term. Note the 200-day MA sit at 56.10/11.

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