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Peso Drifts Away From Cyclical Lows In Absence Of Notable Catalysts

PHP

Spot USD/PHP has slipped, moving further away from a 17-year high printed on Jun 27. The rate sits -0.020 at PHP54.775, downside technical focus falls on the round figure of PHP54.000. Meanwhile, a clearance of yesterday's high of PHP55.147 would open up Oct 13, 2005 high of PHP55.903.

  • USD/PHP 1-month NDF last -0.040 at PHP54.860. Bears keep an eye on the PHP54.000 mark, while bulls look to a move towards yesterday's high of PHP55.280.
  • OCTA Research warned that COVID-19 positivity rate in Metro Manila and eight other regions have exceeded 5%, a benchmark set by the WHO. The group said cases are expected to rise further before topping out in mid-July.
  • Participants await the release of local bank lending data this week, with S&P Global M'fing PMI coming up on Friday.
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