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Peso Loses Ground

PHP

Spot USD/PHP has firmed this morning and last operates +0.140 at PHP51.265, which brings key resistance from PHP51.500 into play. A breach of that figure would reinstate broader bullish momentum. Meanwhile, a pullback under Jan 5 low of PHP50.900 would fuel bearish hopes for a deeper reversal.

  • USD/PHP 1-month NDF last +0.080 at PHP51.450, with bulls setting their sights on Jan 18 high of PHP51.950. Bears look to a move through Feb 1 low of PHP50.830.
  • Campaigning for the 2022 presidential election will kick off tomorrow, with Ferdinand "Bongbong" Marcos Jr. starting from a pole position. The leading candidate and son of a late dictator skipped a media forum with presidential candidates held last Friday, citing a schedule conflict.
  • Looking ahead, the Philippine Statistics Authority will publish local jobs market data this Thursday.

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