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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.
PHP
Spot USD/PHP has crept higher despite a decent round of GDP numbers released out of the Philippines. The rate last changes hands +0.047 at PHP52.330, heading towards key resistance from PHP52.500. Bears look for a fall through the 50-DMA at PHP52.091.
- USD/PHP 1-month NDF last seen +0.080 at PHP52.540. Topside focus falls on May 9 high of PHP53.250, while bears keep an eye on the 50-DMA at PHP52.375.
- The Philippine economy expanded 8.3% Y/Y in Q1, beating the +6.8% median estimate by a wide margin, with GDP surpassing its pre-pandemic levels. The Philippines thus extends an uninterrupted streak of better than forecast GDP readings which started in 4Q2020.
- Economic Planning Sec Chua said that Q1 GDP growth was broad-based and the nation is closer to meet its +7%-9% growth target for this year. Chua vowed to make inflation management a top priority.
- Any comments on the economy from presumptive winner of the Philippines' presidential race Ferdinand Marcos will probably provide even more interest. Marcos is yet to unveil his Cabinet line-up but he vowed to focus on building up his economic team first.
Source: Philippines Statistics Authority
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.
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