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USD/PHP All-Time High At PHP59 Stays Resilient, Even As Trade Deficit Widens

PHP

Spot USD/PHP keeps testing resistance from the PHP59 record high, which has remained resilient over the past two weeks, with the BSP recently flagging its activity in the market. The pair last deals at PHP58.998 and bears would be pleased by a pullback under Oct 5 low of PHP58.395, which would open up the 50-DMA at PHP56.948.

  • USD/PHP 1-month NDF last +0.060 at PHP59.280. Topside technical focus falls on Sep 28 high of PHP59.460, while bears keep an eye on Oct 5 low of PHP58.520.
  • Offshore investors were net sellers of $4.07mn in Philippine stocks Monday, while the PSEi was 1.7% lower come the end of play. The benchmark index has found poise today and now trades ~1.1% above neutral levels.
  • Philippine trade deficit widened to $6.003bn in August from the revised $5.989bn in July versus the consensus forecast of $5.800bn. The data highlights a headwind to the peso from the persistent "twin deficit" in the Philippines.
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