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Philippines Watches Fed Policy Exit, Sees Need To Reduce Debt

PHP

Spot USD/PHP trades -0.076 at PHP52.406, with bears looking for losses towards Apr 13 low/50-DMA at PHP51.875/51.834. Bulls need the PHP52.500 mark to give way before they can target Aug 15, 2019 high of PHP52.620.

  • USD/PHP 1-month NDF last -0.010 at PHP52.540. Bears look for a dip through Apr 13 low of PHP52.020, while bulls would be pleased by a move through Mar 14 high of PHP52.940.
  • Philippine FinSec Dominguez told BBG that Manila is watching monetary policy normalisation in the U.S. and does "not want to be behind the eight ball here." He added that the economy needs to grow 6% annually in the next five to six years to bring the debt-to-GDP ratio lower.
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