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Spot USD/PHP trades at PHP47.900, little changed on the day, after rising to its best levels since May 28 on Monday. Bulls look for further gains past the 50-DMA (PHP48.090), towards May 27 peak (PHP48.185). Bears keep an eye on Jun 11 low of PHP47.685, followed by Jun 8 low of PHP47.640.
- USD/PHP 1-month NDF last +0.050 at PHP47.980. Topside focus falls on yesterday's high of PHP48.010, followed by the 50-DMA at PHP48.197. Bears look for a dip through Jun 7 cycle low of PHP47.670.
- Pres Duterte decided to effectively extend military pact with the U.S. by another six months, despite earlier threatening to ditch the deal. In Feb 2020, Manila said it will terminate the agreement, but has since suspended the execution of the initial decision.
- Worth noting that the Philippines slightly relaxed restrictions in the NCR+ bubble yesterday, including shortening curfew hours, despite earlier extending lockdown in the capital region.
- BSP Gov Diokno will appear alongside Finance, Budget & Economic Planning Secs at Economic Journalists Association of the Philippines forum.
- Philippine overall BoP and overseas remittances are expected to hit the wires today.