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USD/PHP Back Above 56.00 On External Headwinds

PHP

USD/PHP is continuing to recover higher. The pair got close to 56.30 in the first part of the session but we are now back to 56.05 (+0.20% for the session). This is around 1.75% above recent lows sub 55.10. We are back above the 20-day EMA (55.882), while the 100 day sits at 56.51 on the topside.

  • External drivers in the form of higher US yields, (real 10yr yield back to 1.58%), and higher oil prices are likely headwinds.
  • PHP is still up for December, +0.95%, but has given up a good chunk of its outperformance trend in recent sessions.

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