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Peso Extends Losses, Overseas Remittances Underwhelm

PHP

Spot USD/PHP re-opened on a firmer footing but has immediately trimmed gains and now trades +0.068 at PHP52.335. Bulls need a firm push through the PHP52.500 mark before setting their sights on Aug 15, 2019 high of PHP52.620. Bears look for sales past Apr 13 low of PHP51.875 towards the 100-DMA at PHP51.265.

  • USD/PHP 1-month NDF last seen +0.030 at PHP52.500. Topside focus falls on Mar 22 high of PHP52.790, while bears keep an eye on Apr 13 low of PHP52.020.
  • The data on overseas remittances underwhelmed. They grew just 1.3% Y/Y in February, missing the median estimate of +3.6% (as per BBG survey).

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