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USD/PHP Grinds Towards PHP50


Spot USD/PHP has round tripped from PHP49.958, as it showed at its strongest level in more than a year. The rate last sits +0.052 at PHP49.857. A clearance of the nearby PHP50.000 figure would allow bulls to set their sights on Jun 23, 2020 high of PHP50.245. Bears look for a fall through Jul 2 low of PHP49.085.

  • USD/PHP 1-month NDF sits +0.070 at PHP50.150. Topside focus falls on yesterday's high at PHP50.210, followed by Jun 23, 2020 high of PHP50.360. Bears would be pleased by a dip through Jul 2 low of PHP49.250.
  • Philippine bourse CEO noted that market sentiment is "very positive," adding that the bourse targets bigger IPO size in H2.
  • Looking ahead, Philippine trade balance for the month of May will be released this Friday.

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