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Peso Slips As Philippines Returns From Holiday

PHP

Spot USD/PHP has crept higher as onshore markets re-open after a public holiday. The rate last deals +0.045 at PHP52.420, with bulls looking to a breach of key resistance from PHP52.500. Bears would be pleased by a retreat under the 50-DMA/Apr 28 low at PHP51.985/51.970.

  • USD/PHP 1-month NDF last seen -0.050 at PHP52.760. Bears keep an eye on the 50-DMA at PHP52.233, while bulls looking to a move through May 3 high of PHP53.240.
  • The Marcos-Duterte tandem maintains a comfortable lead over their rivals heading into the May 9 election day.
  • Looking ahead, focus moves to CPI (Thursday) as well as unemployment & trade balance (Friday).

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