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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.