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