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Peso Happy To Hold Familiar Range

PHP

Spot USD/PHP last sits +0.055 at PHP48.538. Little in the way of notable local news flow transpired over the weekend. Bears look for a slide past the 38.2% retracement of the Jun 1 - 24 rally at PHP48.415. Conversely, bulls would be pleased by a move through PHP48.910, which represents the high print of Jun 24.

  • USD/PHP 1-month NDF trades -0.020 at PHP48.600. A clean break under the 200-DMA at PHP48.357 would support the bearish case, while bulls look for a rally above Jun 24 high of PHP48.970.
  • The OCTA Research Group suggested that the NCR region and neighbouring provinces could reach herd immunity against Covid-19 by Christmas, provided that the community transmission of the Delta variant is prevented.
  • Senator Richard Gordon is considering running for president in 2022 and admitted that he is looking for a suitable running mate.
  • Philippine bank lending data, due at some point this week, will be closely monitored. Elsewhere, focus turns to Markit M'fing PMI & unemployment data, due Thursday.

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