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Peso Weakens Amid Risk Aversion, Marcos' Comments Under Scrutiny

PHP

Spot USD/PHP has advanced as participants have turned away from EM currencies amid renewed risk aversion. The rate last deals +0.095 at PHP52.365. On the topside, a familiar technical line in the sand (PHP52.500) remains in play. Bears keep an eye on PHP51.970, which limited losses on Apr 28.

  • USD/PHP 1-month NDF last +0.090 at PHP52.450. Bulls look for gains towards May 12 high of PHP52.850, while bears look to a move towards the 100-DMA at PHP51.000.
  • Presumptive president-elect Marcos unveiled a few more names from his Cabinet line-up on Monday. Arsenio Balisacan has been tapped to become the next NEDA chief, Bienvenido Laguesma will take the helm of the Labour Department (DOLE) and Toots Ople will head the new Department of Migrant Workers.
  • Elsewhere, Marcos expressed interest in boosting trade relationship with the U.S. and said he would be open to joining the Indo-Pacific Economic Framework, an initiative designed by the White House to counter China's influence in the region.
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