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Philippine Unemployment Climbs In Sep, Gov't Eyes Improvement In Oct

PHP

Spot USD/PHP trades -0.025 at PHP50.545, slightly lower in the wake of FOMC MonPol decision. Bears need a clean break below the 50-DMA at PHP50.420 before taking aim at Sep 24 low of PHP50.247. On the topside, bulls need a clearance of Oct 22 high of PHP50.907 before targeting round figure/Sep 27 high of PHP51.000/51.036.

  • USD/PHP 1-month NDF last seen -0.050 at PHP50.700. Losses past the 100-DMA at PHP50.309 would please bears, while bulls keep an eye on PHP51.080, which capped gains on Oct 18 & 19.
  • The Philippine unemployment rate rose to 8.9% in September from 8.1% recorded in August, with participation shrinking a tad to 63.3% from 63.6%. Economic Planning Sec Chua commented that jobs data should improve in October, following the implementation of a more granular system of mobility restrictions.
  • The Philippines recorded its lowest daily Covid-19 case count since Feb 24 on Wednesday. The nation registered just 1,591 new infections.
  • Focus turns to Philippine CPI & trade data, due Friday.
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