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USD/PHP All-Time Highs In Play As Peso Remains Vulnerable

PHP

Spot USD/PHP hit a new cycle high on Tuesday, as the Philippines reported a record trade deficit. The pair eased off this morning but has now recouped those losses and trades flat at PHP56.375. Next resistance is at PHP56.500, an all-time high printed in 2004. Bears look for losses towards Jun 29 low of PHP54.600.

  • USD/PHP 1-month NDF last -0.040 at PHP56.520. Downside focus falls on Jun 28 low of PHP54.740. Bulls look to a move through Jul 12 high of PHP56.690, an all-time high previously printed in 2004.
  • The Philippines detected 60 new cases of Omicron subvariant BA.5 between Jul 7 and 11 but the Dept of Health said the situation remains under control. The current wave of infections should peak by the month-end, with slightly more hospitalisations expected by end-Aug/Sep.
  • The BSP is expected to release the latest overseas remittances data in the coming days.
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