Resistance Evident in USD/PHP Around Of YTD Highs, Q2 GDP Out Tomorrow.

USD/PHP sits below earlier highs. The pair opened above 56.40, but we now sit back near 56.29. This mirrors yesterday's session to some extent, as we got close to 56.40 before retracing during the early parts of Tuesday trade. The 56.40/45 region is right on previous YTD highs, so it appears to be somewhat of a resistance point in the near term. The simple 200-day MA sits back around 55.72 on the downside.

• Earlier on the data front we had June unemployment tick higher to 4.5% from 4.3%. The participation rate did rise to 66.1% from 65.3%. The underemployment rate rose to 12.0% but remains sub earlier year highs (Jan 14.1%).
• Agricultural output fell -1.30%y/y in Q2, versus +2.10% in Q1. Note tomorrow we get Q2 GDP, with the market consensus at +0.69% q/q (prior 1.1%) and +6.0% y/y (prior 6.4%).
• President Marcos stated the country has enough rice to last up to next year (see this link), even after an el nino weather pattern.
• Local equities are higher, but not too far off recent lows, last under 6890 in index terms.