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Peso Remains Under Pressure, With All-Time Lows In Sight

PHP

Spot USD/PHP keeps testing the PHP56.450 ceiling, last trading +0.045 at PHP56.320. A breach of that level would open up the all-time high of PHP56.500. Bears look for a dive towards Jun 29 low of PHP54.600.

  • USD/PHP 1-month NDF last +0.030 at PHP56.510. Topside focus falls on Jul 12 high of PHP56.690, a record high. Bears look to Jun 28 low of PHP54.740 for initial support.
  • Foreign participants offloaded Philippine stocks at a faster pace last week, Bloomberg calculations showed. The 5-DMA of net foreign outflows surpassed the 20-DMA as the Philippines' benchmark stock index and the peso faltered.
  • Little to write home on domestic news flow from the last 24 hours.
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