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Free AccessPeso Catches Bid Even As Duterte Signals Potential For Stricter Curbs
Spot USD/PHP has lost some altitude and last trades -0.138 at PHP50.205, as onshore markets reopened after a day off. Bears look for losses past Jul 13 low of PHP49.940, which would bring Jul 2 low of PHP49.085 into view. Bulls need a clearance of Jul 19 cycle high of PHP50.496, before targeting May 28, 2020 high of PHP50.770.
- USD/PHP 1-month NDF last seen -0.250 at PHP50.750, with bears looking for a deeper sell-off past Jul 13 low of PHP50.100. Bulls keep an eye on Jul 19 high of PHP51.390.
- Senate Pres Vicente Sotto III confirmed to CNN that he will team up with Senator Panfilo Lacson for the 2022 presidential election and they would be making a formal announcement early next month. In the Philippines, the President and Vice President are elected separately. According to the polls, Pres Duterte's daughter Sara is the current presidential front-runner, while her father has repeatedly suggested that he might launch a vice presidential bid.
- As a reminder, Duterte warned on Monday that the Philippines could implement stricter virus countermeasures, as local cases of the Covid-19 Delta variant is "a cause for serious alarm and concern."
- Overall BoP balance may hit the wires within days, while budget balance comes out on Friday.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.