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Peso Loses Shine As Powerful Earthquake Shakes Philippines

PHP

The Philippine peso has given away some of its post-SONA gains as a strong earthquake struck the archipelagic country this morning. While the peso is the worst performer in emerging Asia today, it remains the only regional currency to outperform the greenback on a week-to-date basis.

  • A strong magnitude-7 tremor shook the province of Abra in the Philippines's largest and most populous Luzon island and could be felt in the capital, with officials warning that aftershocks are expected. The extent of damage is unclear, officials are verifying preliminary information at the scene. The Philippine Institute of Volcanology and Seismology warned that "anything larger than Magnitude 7 can be devastating" but there is no tsunami threat.
  • Spot USD/PHP last deals +0.305 at PHP55.620, with bulls looking for a rally towards historic highs at PHP56.500. Bears would be pleased by a fall towards Jun 29 low of PHP54.600 & the 50-DMA at PHP54.324.
  • USD/PHP 1-month NDF last seen +0.160 at PHP55.720. Topside technical focus falls on Jul 14 high of PHP56.740, while bears look for losses past Jun 28 low/50-DMA at PHP54.740/54.457.
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