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Peso On Slightly Weaker Footing, Budget Data On Tap

PHP

Spot USD/PHP trades +0.017 at PHP56.060, with bulls looking for a break above Aug 23 high of PHP56.338. This would bring record highs of PHP56.500 into view. On the downside, the initial layer of support is provided by the 50-DMA at PHP55.575.

  • USD/PHP 1-month NDF last +0.020 at PHP56.140. Topside focus falls on Aug 22/23 highs of PHP56.380, a break here would expose all-time highs of PHP56.740. The 50-DMA provides the initial bearish target at PHP55.742.
  • The PSEi (+0.1%) has crept higher this morning, which puts it on track for the third consecutive day of gains, after it found support from the 100-DMA.
  • Foreign investors sold a net $3.8mn of Philippine stocks on Thursday, marking the fourth consecutive day of outflows.
  • Philippine budget balance is expected to cross the wires later today.
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