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Spot USD/PHP Rises Towards Psychological Resistance

PHP

Spot USD/PHP last seen +0.038 at PHP52.959, approaching resistance from the round figure of PHP53.000/Jan 22, 2019 high of PHP53.040. A break here would shift bullish focus to Dec 20, 2018 high of PHP53.250. Bears look for a pullback under the PHP52.500 figure, a former key resistance level.

  • USD/PHP 1-month NDF last -0.020 at PHP53.160. Bears look for losses towards May 30 low of PHP52.230, while bulls keep an eye on Jun 6 high of PHP53.280.
  • Outgoing Finance Secretary Dominguez said it will take the Philippines another decade to return to pre-pandemic debt-to-GDP ratio. "If 40% is the ideal health, we not have long COVID or a minimum of 10 years to get back to that."
  • The Philippines' trade deficit moderated to $4.773bn in April from $5.007bn prior as annual growth in both imports and exports was slower than expected.
  • Focus turns to April labour market data, due for release on Friday.
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