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Peso Tad Firmer, Extends Move Away From All-Time Lows


Spot USD/PHP remains heavy after moving away from firm resistance located at PHP59, the all-time high. The rate deals -0.043 at HP58.188, with bears looking for further losses towards the 50-DMA, which intersects at PHP57.787. Bulls need to force their way through the PHP59 ceiling before targeting the PHP60 line in the sand drawn by FinSec Diokno.

  • USD/PHP 1-month NDF last -0.040 at PHP58.260. Losses past the 50-DMA at PHP58.002 would please bears, while bulls take aim at the record high of PHP59.460.
  • Foreign investors bought a net $3.36mn in Philippine stocks Thursday, while the PSEi rallied to its best levels this month. The index has run out of steam today, halving yesterday's gains.
  • Fitch affirmed the Philippines at "BBB" with a negative outlook, noting that this reflects the nation's medium-term growth prospects, fiscal adjustment path and external buffers.
  • The Philippines bank lending/money supply may hit the wires at any point from here.

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