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Presidential Race Getting More Crowded

PHP

Spot USD/PHP operates +0.075 at PHP50.731, topside technical focus falls on the round figure/Sep 27 high of PHP51.000/51.036. A break here would bring Mar 18, 2020 high of PHP51.823 into view. Conversely, a sell-off past the 50-DMA at PHP50.256 would turn focus to Sep 16 low of PHP49.715.

  • USD/PHP 1-month NDF last seen +0.050 at PHP50.920. Bulls see Sep 27 high of PHP51.520 as their initial target, bears keep an eye on Oct 4 low of PHP50.610, followed by the 50-DMA at PHP50.385.
  • Certificates of Candidacy (COCs) for the 2022 elections keep coming. Ferdinand "Bongbong" Marcos Jr., the son of the late Philippine dictator, threw his hat in the ring as the race to succeed incumbent Pres Duterte becomes increasingly crowded.
  • Vice Pres Robredo will make an "important announcement," presumably on her decision whether to run for President, on Thursday at 11:00 local time. The deadline for filing COCs falls on Friday.

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