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Free AccessPeso 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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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.