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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
PHP
Spot USD/PHP jumped in early dealing, piercing resistance from Jun 24 high of PHP48.910 to print strongest levels since mid-Aug 2020. The rate last trades +0.180 at PHP48.990 and a break above the 23.6% recovery of the 2018 - 2021 sell-off at PHP49.092 would provide a further tailwind for bulls. Bears look for a dip through Jun 29 low of PHP48.460.
- USD/PHP 1-month NDF last +0.120 at PHP49.07, with bulls looking for a breach of Feb 26 high of PHP49.27, a key near-term resistance. Bears keep an eye on the 100-DMA/Jun 28 low at PHP48.445/48.430.
- Philippine Markit M'fing PMI registered at 50.8 this month vs. 49.9 in May, suggesting that the sector is expanding again. IHS Markit noted that "declines across output, new orders and employment eased while exports rose sharply during the month. Expectations of greater production levels were reflected in firms adding to their stock levels". They added that "it was not all good news in June, however, with MECQ measures persisting and, in some instances, delaying the supply of inputs".
- Elsewhere, the unemployment rate eased to 7.7% in May from 8.7% seen in Apr, on the back of upticks in both employment and participation. The underemployment rate fell to 12.3% from 17.2%.
- The annual decline in Philippine bank lending net RRR slowed a tad in May to -4.0% Y/Y from -5.0%, according to BSP data released late doors Wednesday.
- With nothing left on this week's data docket, focus turns to Philippine CPI & trade balance, due next Thursday and Friday respectively.
Fig. 1: Results From The May 2021 Labour Force Survey (LFS)
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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