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Peso Rangebound, Sara Duterte In Talks To Back Marcos' Presidential Bid

PHP

Spot USD/PHP changes hands at PHP50.785, fluctuating within a narrow range. Bullish focus falls on Sep 27 high/round figure of PHP51.000/51.036. Conversely, sales past Oct 14 low of PHP50.537 would turn focus to the 50-DMA/Oct 8 low at PHP50.394/50.385.

  • USD/PHP 1-month NDF last seen +0.010 at PHP50.890. Bulls eye Sep 27 high of PHP51.520 for initial resistance. Conversely, the PHP50.500 area provides a layer of support, after limiting losses on Oct 7/18 and with the 50-DMA intersecting at PHP50.509.`
  • BusinessWorld cited FinSec Dominguez as noting that the gov't's high debt is temporary, while tax collections are increasing.
  • Davao City Mayor Sara Duterte is reportedly in talks with presidential candidate Ferdinand "Bongbong" Marcos to back his presidential bid. However, she once again brushed away speculation that they could become running mates.
  • The Philippines' budget deficit widened to PHP180.9bn in Sep from PHP120.9bn prior. YTD deficit printed at PHP1.14tn.
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