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Peso Remains On Softer Footing Despite Upbeat GDP Data

PHP

Post-FOMC impetus keeps spot USD/PHP afloat, despite an upbeat GDP report released out of the Philippines. The rate deals +0.125 at PHP51.428 at typing, with bulls looking to take out key resistance from PHP51.500. A clean break here would draw bullish attention to Mar 18, 2020 high of PHP51.823. Bears look for a pullback under Jan 26 low of PHP51.183.

  • USD/PHP 1-month NDF last +0.070 at PHP51.560. Initial bullish focus falls on Jan 18 high of PHP51.950. Bears look to a move through the 50-DMA, which kicks in at PHP50.857.
  • The Philippine economy grew faster than forecast in the final quarter of 2021, with expansion unexpectedly accelerating to +7.7% Y/Y. Consensus forecast pointed to a slowdown to +6.3% from the revised +6.9% recorded in Q3.
  • Econ Planning Sec Chua commented that "the door to our economic recovery is now fully open," adding that officials expect GDP to return to pre-Covid levels this year.
  • Elsewhere, the Philippines' trade deficit deepened in December, mostly on the back of a surprise jump in imports.
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