Free Trial
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.
PHP
An uptick in nationwide unemployment failed to elicit any volatility in spot USD/PHP, which last trades (virtually) flat at PHP47.665. A break below PHP47.615, the trough of Jun 1, is needed to bring Feb 15 cycle low of PHP47.441 into view. On the topside, initial focus falls on Jun 4 high of PHP47.882.
- USD/PHP 1-month NDF last +0.020 at PHP47.780, with bears looking for a dip through PHP47.670, a fresh cycle low printed yesterday. Bulls keep an eye on Jun 2 high of PHP47.980.
- Headline unemployment rate rose to 8.7% in April from 7.1% recorded in the prior month, while underemployment increased to 17.2% from 16.2%, which occurred alongside a fall in the participation rate to 63.2% from 65.0%. There were just two regions where unemployment reached double-digit levels. One of them was the capital region, which saw its jobless rate print at 14.4%.
- Elsewhere, Philippine Value of Production Index rose 154.3% Y/Y in Apr after a 74.2% decline in Mar, with a similar rebound observed in the volume of production.
- The Philippine regulator gave a nod to the Sinopharm Covid-19 jab as the country is trying to facilitate inoculating its population. Meanwhile, Pres Duterte urged Filipinos to turn up for their second vaccine doses after data revealed that about half of people who received their first jab failed to complete the two-dose regimen.
- Later this week, focus turns to trade balance, due Wednesday.
Fig. 1: Results from the April 2021 Labour Force Survey (LFS)
Source: Philippine Statistics Authority
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok