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Peso Regains Poise, Familiar Technical Barrier Holds Firm

PHP

Spot USD/PHP knocked at the door to fresh cycle highs on Tuesday, but failed to punch through the key PHP51.500 level. It has eased off this morning and last deals -0.128 at PHP51.368, with bears looking to a downleg past Feb 3/Jan 5 lows of PHP50.920/50.900. Conversely, a breach of PHP51.500 would clear the way to Mar 18, 2020 high of PHP51.823.

  • USD/PHP 1-month NDF last seen -0.090 at PHP51.570. Downside focus falls on Feb 1 low of PHP50.830, while on the topside, focus falls on Jan 18 high of PHP51.950.
  • Campaigning for the Philippine 2022 presidential election kicked off on Tuesday, with Ferdinand "Bongbong" Marcos Jr. starting from the pole position.
  • The Philippine Statistics Authority will release monthly labour market data on Thursday.

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