Free Trial

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.

To read the full story

Close

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.