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Philippine Economic Managers To Review Macro Assumptions

PHP

Spot USD/PHP has faltered this morning and last trades -0.075 at PHP50.325, the lowest point in almost two weeks. Bears keep an eye on Aug 4 low of PHP49.605 and a break here would clear the way to the 50-DMA at PHP49.544. Bulls look for a jump above yesterday's cycle high of PHP50.667, which would expose May 18, 2020 high of PHP50.906.

  • USD/PHP 1-month NDF last seen -0.100 at PHP50.540. Aug 11 low of PHP50.210 draw attention on the downside, while topside focus falls on Aug 16 high of PHP50.990.
  • The Manila Times cited FinSec Dominguez as noting that Philippine economic planners will meet today to review macroeconomic assumptions after the NCR has been locked down.
  • Presidential spokesman Roque said Tuesday that the Budget Dept would submit a record PHP5.024tn budget for 2022 to Congress.
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