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Peso Gains, Early Vote Count Shows Marcos Won By Landslide

PHP

Spot USD/PHP has slipped as onshore financial markets re-opened after the Election Day, with Ferdinand Marcos poised to become the next President. The rate last deals -0.067 at PHP52.430, with bears looking for a fall towards the 50-DMA at PHP52.049. The key near-term resistance has been defined at PHP52.500.

  • USD/PHP 1-month NDF last -0.130 at PHP52.920. Downside focus falls on the 50-DMA at PHP52.349, while bulls keep an eye on yesterday's high of PHP53.250.
  • The son and namesake of the Philippines' late dictator Ferdinand Marcos clinched a landslide victory in the country's presidential election, unofficial early data showed. Sara Duterte, Marcos' running mate and daughter of the outgoing president, was poised to win the vice-presidential race by a wide margin. The victory of the Marcos-Duterte tandem comes as no surprise.
  • On the data front, focus turns to the Philippines' Q1 GDP report, due for release on Thursday.

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