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Trade Deficit Narrows

PHP

Spot USD/PHP has crept higher this morning and last operates +0.080 at PHP51.497. Bulls look for further gains past Mar 31 high of PHP52.092, while bears would be pleased by a sell-off past the 100-DMA/Apr 5 low at PHP51.172/51.149.

  • USD/PHP 1-month NDF last seen +0.020 at PHP51.600. Bulls look to a rally above Mar 22 high of PHP52.790, while bears keep an eye on the nearby 100-DMA at PHP51.350.
  • The Philippines reported a narrower than expected trade deficit for the month of February. The annual growth in shipments topped forecasts, while imports rose slower than predicted.

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