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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
PHP
Spot USD/PHP extended its sharp sell-off Tuesday, moving past the 23.6% retracement of the Jun 1 - Jul 19 rally at PHP49.816, in a confirmation that bears are taking control after a double top pattern appeared on the daily chart. The rate last sits +0.171 at PHP49.786, with bears looking for a fall through yesterday's low of PHP49.615, towards Jul 2 low of PHP49.085. Bulls need a clearance of Jul 28/19 highs of PHP50.490/50.496 to jump back into the driving seat.
Fig. 1: USD/PHP
Source: MNI - Market News/Bloomberg
- USD/PHP 1-month NDF last seen +0.09 at PHP49.930, with bulls looking for gains past Jul 27 high of PHP50.730. Bears see Jul 2 low of PHP49.250 as their initial target, following the formation of a head and shoulders top pattern.
Fig. 2: USD/PHP 1-Month NDF
Source: MNI - Market News/Bloomberg
- Bangko Sentral ng Pilipinas released a statement based on Gov Diokno's recent speech, noting that the central bank will maintain its accommodative policy stance for "as long as necessary" amid risks stemming from the spread of the Delta variant.
- Presidential spokesman Roque said yesterday that the Philippines will source PHP13.1bn from gov't agencies' savings to fund economic relief measure for NCR residents, as the capital region is set to enter a two-week lockdown.
- Looking ahead, the Philippine Statistics Authority will release July CPI data on Thursday, while trade balance will hit the wires on Friday.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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