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Peso Loses Ground In Line With Regional Trend

PHP

Spot USD/PHP has advanced to fresh cyclical highs as the greenback regains poise. The pair last deals +0.175 at PHP55.150, after topping out at PHP55.215, a fresh 17-year high. Further gains past Nov 1, 2005 high of PHP55.130 would bring Oct 13, 2005 of PHP55.903 into play. Bears need a retreat under Jun 29 low of PHP54.600 & the round figure of PHP54.000 to get some reprieve.

  • USD/PHP 1-month NDF last seen +0.210 at PHP55.310. Topside focus falls on the next round figure above, while bears look to a dip under Jun 28 low of PHP54.740.
  • Much of domestic headline flow over the last 24h has been centred around the inauguration of Ferdinand Marcos' administration.
  • The local manufacturing sector grew at a slower rate as the Philippines' M'fing PMI slipped to 53.8 in June from 54.1 prior. S&P Global noted that "production levels rose, driven by a faster increase in new orders." On the other hand, "businesses were more hesitant in their output expectations for the year ahead as downside risks to growth remain."
  • Next week, focus turns to the Philippines CPI data, due for release Tuesday.

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