USD/PHP Dips To A Two-Year Low

USD/PHP dropped to its worst level in two years and last changes hands -10
pips at PHP49.10. Bears see the lower 3.0% Bollinger band at PHP49.02 as
their initial target, a break here would expose Jun 5, 2017 low of
PHP48.94. Bulls look for a jump above Jul 28 high of PHP49.27, which
would shift focus to Jul 23 high of PHP49.47.

• Vice President Robredo backed a PHP1.3tn stimulus plan, even as
  officials said that it cannot be funded.
• Elsewhere, BSP Gov Diokno pointed to the ample policy space which
  remains at the central bank's disposal.
• Philippine President Duterte declared Jul 31 a public holiday in
  observance of the Eid'l Adha day.