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Peso Takes Beating As Trade Shortfall Breaks Record

PHP

The Philippine peso took a hit as the local statistics authority reported a record-breaking trade deficit for the month of May.

  • The Philippines' monthly trade deficit unexpectedly widened to $5.679bn in May from $5.349bn recorded in April. The latest reading marks the largest shortfall on record, underscoring the gravity of the "twin deficit" challenge faced by the new administration from day one.
  • Spot USD/PHP now trades +0.330 at PHP56.323, which brings the all-time high printed in 2004 at PHP56.500 into view. Bears need a fall through Jun 29 low of PHP54.600 to get some reprieve.
  • USD/PHP 1-month NDF last +0.240 at PHP56.440. Bulls set their sights on the 2004 all-time high of PHP56.690, while bears look for a sell-off past Jun 28 low of PHP54.740.
  • The peso was comfortably the worst performer in the Asia EM basket last week and its plight is only deepening, with the BSP reluctant to intervene.
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