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Philippine Trade Deficit Wider Than Forecast

PHP

Spot USD/PHP has edged higher and last sits +0.023 at PHP47.739, with bulls setting their sights on Jun 4 high of PHP47.882. A breach of that level would turn focus to PHP48.185, which represents the high print of May 27. Bears need losses past Jun 1 low of PHP47.615 before targeting Feb 15 cycle low of PHP47.441.

  • USD/PHP 1-month NDF last -0.090 at PHP47.810. Bears look for a fall through Jun 7 cycle low of PHP47.670, while bulls keep an eye on Jun 2 high of PHP47.980.
  • Philippine trade deficit for the month of Apr printed at $2.734bn vs. exp. of $2.402bn, while both exports and imports growth missed expectations.
  • Senate Pres Vicente Sotto III said that the chamber's panel could reconvene to look into the Presidential Palace's plan to raise a further PHP25bn for Covid-19 vaccines.
  • The local economic docket is virtually empty during the remainder of this week.
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