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Peso Stable After Forecasters Narrow GDP Growth Estimate

PHP

Spot USD/PHP trades at PHP52.370, little changed on the day, after Philippine economic planners revised their growth forecast for this year. From a technical perspective, the PHP52.500 level continues to provide the next line in the sand on the topside. Meanwhile, bears look for losses past May 20 low of PHP52.126 and towards Apr 28 low of PHP51.970.

  • USD/PHP 1-month NDF last seen +0.030 at PHP52.460. Bulls look for a jump above May 12 high of PHP52.850, while bears keep an eye on the 100-DMA at PHP52.007.
  • The Development Budget Coordination Committee (state economic planner) narrowed its 2022 GDP forecast range to +7%-8% Y/Y from +7%-9% previously, citing "heightened external risks such as the Russia-Ukraine conflict, China's slowdown, and monetary normalisation in the U.S."
  • The Philippines' April budget balance will hit the wires at some point today.
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