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Peso Rangebound


Spot USD/PHP trades +0.014 at PHP50.724, holding a narrow range so far. Topside focus falls on the round figure/Sep 27 high of PHP51.000/51.036. Conversely, bears look for a dip through Oct 14 low of PHP50.537, which would open up the 50-DMA/Oct 8 low at PHP50.394/50.385.

  • USD/PHP 1-month NDF last +0.030 at PHP50.840. Bulls look to a move through Sep 27 high of PHP51.520, while bears keep an eye on the 50-DMA/Oct 7 low at PHP50.511/50.490.
  • The Philippines reported a BoP deficit of $412mn for September, which came after a $1.044bn surplus recorded in August.
  • Senator Ronald "Bato" dela Rosa met with Davao City Mayor Sara Duterte Monday to discuss the possibility of being replaced by her in the presidential race, just two days after Duterte met with another presidential candidate Ferdinand "Bongbong" Marcos Jr. Meanwhile, a group of senators filed a draft bill banning candidacy substitutions. Under current arrangements for the 2022 elections, substitutions are allowed until Nov 15, 2021.
  • On the fiscal front, FinSec Dominguez has ordered the tax bureau to form a special unit tracking online sales of goods.

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