Free Trial

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.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.