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Philippines Discusses Geopolitics With China

PHP

Spot USD/PHP trades at PHP47.950, little changed on the day, as onshore Philippine markets reopened. Bulls see May 20 high of PHP47.970 as their initial target and a break here would open up May 5 high of PHP48.133. Bears look for a dip through May 19 low of PHP47.769, towards Feb 16 low of PHP47.721.

  • USD/PHP 1-month NDF seen +0.010 at PHP48.030 at typing. Topside focus falls on May 13 high of PHP48.130 and a break here would bring May 5 high of PHP48.260 into play. Bears look for a dip through May 14 & 17 cycle lows of PHP47.820.
  • BSP Gov Diokno said Friday that the central bank expects sustained FX inflows amid recovery in remittances, demand for semiconductor exports and outsourcing.
  • The Philippines and China held bilateral talks on the situation in the South China Sea, seeking to diffuse tensions over disputed waters. Philippine Foreign Affairs Dept called the talks "friendly and exchanges," underlining the need for continued dialogue. Meanwhile, Vice Pres Robredo said that the dispute should be resolved in a multilateral format.
  • Philippines' budget balance comes out tomorrow, providing the sole point of note on the local docket this week.
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