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Free AccessPeso Flirts With 50-DMA, Overseas Remittances Grow Less Than Forecast
Spot USD/PHP reopened above the 50-DMA this morning, but has returned below that moving average since. The rate last sits +0.045 at PHP48.075, with bears looking for further losses past Jun 11 low of PHP47.685. On the flip side, a jump above May 27 high of PHP48.185 would open up Apr 28 high of PHP48.475.
- USD/PHP 1-month NDF trades flat at PHP48.170. A clean break above the 50-DMA at PHP48.186 would expose May 25 high of PHP48.310. Meanwhile, bears keep an eye on Jun 7 cycle low of PHP47.670.
- Bangko Sentral Pilipinas rose 12.7% Y/Y to +$2.305bn in April, missing expectations of a 19.3% annual growth.
- Philippine College of Physicians Vice Pres denied recent statements from the Dept of Health and said that ICU beds in the NCR+ bubble are full, adding that the number of critical cases is rising.
- Philippine overall BoP is expected to hit the wires by the end of this week.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.