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USD/PHP has erased earlier gains and.....>

DOLLAR-PHP
DOLLAR-PHP: USD/PHP has erased earlier gains and last sits -1 pip at PHP49.93.
The Philippines' trade deficit was narrower than expected, as per today's data,
but the headline reading was underpinned by larger than expected slumps in both
imports and exports. The 50.8% Y/Y drop in exports was record-big.
- Continued slide through Jun 8 low of PHP49.80 would give bears the green light
for targeting the lower 2.0% Bollinger band at PHP49.74. Bulls look for a
rebound above the 23.6% retracement of the Mar 18 - Jun 8 slide at PHP50.28.

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