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Peso Firms Despite Uptick In Unemployment Rate

PHP

Spot USD/PHP trades -0.037 at PHP58.628, still operating in the vicinity of record highs near PHP59.000. Bears need a retreat under the 50-DMA (PHP56.746) to get some initial reprieve.

  • USD/PHP 1-month NDF last -0.050 at PHP58.760. Bears look for losses past the 50-DMA at PHP56.981, while bulls keep an eye on the all-time peak of PHP59.460.
  • Offshore investors sold a net $3.20mn in Philippine stocks on Wednesday, the first inflow since Sep 16. The rebound in the PSEi off its cyclical lows lost momentum and the index pulled back, staying heavy this morning.
  • The Philippines' unemployment rate edged higher to 5.3% in August from 5.2% prior. The underemployment rate rose to 14.7% from 13.8%, while participation widened to 66.1% from 65.2%.
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