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Peso Catches Up With Post-FOMC Market Flows

PHP

Spot USD/PHP reopened above May 27 high of PHP48.185, previously a key resistance level, and above the 200-DMA at PHP48.276. The rate last sits +0.223 at PHP48.306, its highest point since Apr 29, with the upswing driven by the post-FOMC impetus.

  • Bulls now set their sights on PHP48.475, the high print of Apr 28. Above there would open up Apr 8 high of PHP48.650. Bears look for a retreat under the aforementioned PHP48.185 level.
  • USD/PHP 1-month NDF last +0.040 at PHP48.390, with bulls looking for gains past Apr 29 high of PHP48.650. Bears would be pleased by losses past the 50-DMA at PHP48.181.
  • Pres Duterte called running for Vice Pres once his tenure expires in 2022 a "good idea," despite earlier showing some reservations. Duterte's party passed a resolution last month, asking him to run for vice presidency.
  • Philippine overall BoP is expected to hit the wires in the coming days, while focus next week turns to BSP MonPol decision.
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