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Peso Struggles For Momentum After Solid Wednesday's Session

PHP

Spot USD/PHP has crept higher from the off and last sits +0.165 at PHP50.505, after rejecting its 100-DMA. A break above Nov 24 high of PHP50.621 would bring Oct 22 high of PHP50.907 into play. Bears look for losses past Nov 19 low of PHP50.220, which would open up Nov 15 low of PHP49.775.

  • USD/PHP 1-month NDF last +0.050 at PHP50.600. Topside focus falls on Nov 23 high of PHP50.890 and a break here would open up Nov 3 & 4 highs of PHP50.920. On the flip side, a fall through Nov 19 low of PHP50.290 would allow bears to take aim at Nov 12 low of PHP49.820.
  • Senate Pres Sotto noted that the upper house is aiming to pass the 2022 budget next week after finishing plenary deliberations on the bill late on Tuesday. Senators can now submit their amendments.
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