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Peso Hovers Close To Cycle Lows

PHP

Spot USD/PHP has recouped its opening loss and now trades at PHP50.075, virtually unchanged on the day. Bulls need a clearance of Jul 9 high of PHP50.156, before targeting Jun 23 high of PHP50.245. Conversely, a move under Jul 2 low of PHP49.085 would give bears some reprieve.

  • USD/PHP 1-month NDF last seen +0.110 at PHP50.350, topside focus falls on Jul 8 cycle high of PHP50.510. On the downside, Jul 2 low of PHP49.250 provides the initial target.
  • The peso was the worst performer in Asia last week, with BSP Gov Diokno rubbing some salt into its wounds with a suggestion that the central bank won't be undertaking any larger interventions.
  • The Philippine Inquirer reported that Sara Duterte told journalists that she is ready to run for presidency in 2022, but has not made her final decision yet.
  • Philippine overseas remittances & overall BoP may hit the wires as soon as this week, but there is no fixed time of these releases.
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