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Philippine Agriculture Output Shrinks Further, Full GDP Report Eyed

PHP

Spot USD/PHP has faltered to its lowest level in more than six weeks and last trades -0.080 at PHP50.265. Further losses past the 100-DMA at PHP50.131 would support the bearish case. Bulls look to a rebound above Nov 4 & 5 highs of PHP50.620 towards Oct 22 high of PHP50.907.

  • USD/PHP 1-month NDF last seen -0.050 at PHP50.350. Bears look for a dip through Nov 1 low of PHP50.200, which would open up Sep 21 & 22 lows of PHP50.170. Conversely, a jump above Nov 3 & 4 highs of PHP50.920 would shift focus to Oct 18 & 19 highs of PHP51.080.
  • The Philippine Statistics Authority reported today that agriculture output shrank 2.60% Y/Y in Q3. All eyes are on the full GDP report for the third quarter, due for release tomorrow. The reading of Q2 growth was revised to +12.0% Y/Y from +11.8%, while BBG consensus looks for a slowdown to +4.9% in Q3.
  • The City of Manila scrapped face shield mandate in most areas, the first local gov't in the NCR to make such decision.
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