USD/PHP has been heavy from the off,.....>

DOLLAR-PHP: USD/PHP has been heavy from the off, falling through a key support

from Jun 8 low of PHP49.80 to print the worst level since the beginning of 2018.

The rate has pulled back from lows and last trades right at PHP49.80, 7 pips shy

of neutral levels.

- Bears keep an eye on PHP49.69, which represents the low of Jan 5, 2018. A

breach of that level would draw attention to the lower 3.0% Bollinger band at

PHP49.58. A recoil above the round figure resistance at PHP50.00 is needed to

turn focus to PHP50.25, the peak of Jun 23. 

- Philippine PPI fell 3.1% Y/Y in May, with the Apr reading revised to -3.3%

from -3.9%.

- Just worth re-flagging yesterday's comments from BSP Diokno, who said that

there's no need to cut the key interest rate for the next few quarters (albeit

there is room to cut it in the future), while the peso is exp. to remain stable

over the policy horizon.

- Looking ahead, Philippine Markit M'fing PMI is due tomorrow.