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Onshore Philippine Markets Reopen After Holiday

PHP

Spot USD/PHP deals +0.148 at PHP56.180 as onshore Philippine markets re-open after a holiday. A break above Aug 23 high of PHP56.338 would shift focus to record highs at PHP56.500. Bears look for a dip through the 50-DMA at PHP55.623 before taking aim at Jul 29 low of PHP55.057.

  • USD/PHP 1-month NDF last -0.040 at PHP56.320. The 50-DMA provides the initial layer of support at PHP55.824. Bulls look for gains towards all-time highs at PHP56.740.
  • Foreign investors were net sellers of Philippine stocks last Friday, shedding $1.5mn in local equities. The PSEi index climbed for the third day in a row.
  • Philippine bank lending data may hit the wires in the coming days, with S&P Global M'fing PMI coming up Thursday.
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