Demand for the greenback has pushed spot USD/PHP higher in early trade, the rate last deals +0.104 at PHP52.421, approaching key resistance from PHP52.500. Conversely, bears look for a fall through May 20 low of PHP52.126 before targeting Apr 28 low of PHP51.970.
- USD/PHP 1-month NDF last seen +0.110 at PHP52.510. Topside focus falls on May 12 high of PHP52.850, while bears look for losses past May 23 low of PHP52.070.
- President-elect Marcos has completed his economic team, a priority task for the transition period. He tapped Bangko Sentral ng Pilipinas Assistant Governor Pangandaman to become the next Budget Secretary. Pangandaman is the second monetary policy official in Marcos' incoming administration, after BSP Governor Diokno agreed to become the next Finance Secretary.
- Philippines' bank lending data is expected to hit the wires by COB today.