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Philippines Post BoP Surplus In July, Duterte May Still Resign From Running For VP In 2022

PHP

Spot USD/PHP crossed below its 50-DMA at the reopen but has trimmed losses since and now changes hands -0.095 at PHP49.790. Bears look for a renewed slide past Aug 4 low of PHP49.605, while bulls would be pleased by a rally towards Aug 19 high of PHP50.615.

  • USD/PHP 1-month NDF last seen +0.030 at PHP49.870, with bulls looking for a move through Aug 19 high of PHP50.760. Meanwhile, bears look to a dip through Jul 2 low of PHP49.250.
  • Pres Duterte's Spokesman Roque clarified that his boss would give way to his daughter Sara, if she decides to run for President in 2022, as he wants to avoid a Duterte-Duterte ticket. The President earlier said that he intends to run for Vice President.
  • The Philippines registered a BoP surplus of PHP642mn in July, according to data released Wednesday, which came after a $312mn deficit posted in June.

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