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Peso Struggles For Gains, BoP Remains At Deficit

PHP

Spot USD/PHP trades -0.015 at PHP56.260, off earlier session lows, amid subdued volatility. Topside technical focus remains on PHP56.500, a historic high. Bears need a retreat under Jun 29 low of PHP54.600 to get some reprieve.

  • USD/PHP 1-month NDF last seen +0.080 at PHP56.410. Bulls look to a rally towards Jul 14/all-time high of PHP56.740, while bears keep an eye on Jun 28 low of PHP54.740.
  • The Philippines reported a BoP deficit of $1.570bn for the month of June, which brought the YtD deficit to $3.101bn.
  • Metro Manila will remain under the lowest COVID-19 alert level at least until the end of the month, with restrictions due to be revised in August.
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