Trade Data Come And Go, Chatter Re: 2022 Presidential Election Doing Rounds

Spot USD/PHP sits +0.005 at PHP50.125, with the peso showing little reaction to the Philippines' latest trade report. Bulls look for a break above Aug 19 high of PHP50.615, which would turn focus to Aug 17 high of PHP50.667. Meanwhile, a fall through Aug 31/Sep 3 lows of PHP49.660/49.659 would draw attention to Aug 4 low of PHP49.605.

• USD/PHP 1-month NDF last seen -0.020 at PHP50.260. Downside focus falls on Aug 31/Sep 1 lows of PHP49.720, while bulls look to a move through Aug 19 high of PHP50.760.
• Philippine trade deficit shrank a tad to $3.291bn in July from $3.397bn recorded in June, but was wider than forecast in BBG survey of analysts ($2.950bn). The annual growth in exports was slower than expected, which was coupled with a larger than anticipated annual jump in imports.
• Ferdinand Marcos, the son and namesake of a late Philippine dictator, declared his intention to run in the 2022 presidential election, joining the crowded field of potential contenders.
• The ruling PDP-Laban party formally endorsed the Go/Duterte tandem for the presidential/vice-presidential race, albeit Senator Go reiterated that he would be declining the nomination.