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USD/PHP has probed the water below the...>

DOLLAR-PHP
DOLLAR-PHP: USD/PHP has probed the water below the round figure of PHP50.00 for
the first time since the beginning of 2018 today. The rate still operates south
of that level and last changes hands at PHP49.99, 12 pips worse off on the day. 
- In order to find reasons behind the peso's strength today, it is worth
revisiting yesterday's comments from BSP Gov Diokno. He noted that the central
bank is "happy where the current policy rate is" and further monetary easing
might be implemented only if "there's more bad news."
- Today's breach of the key PHP50.00 figure represents an important bearish
development & shifts focus to the lower 3.0% Bollinger band at PHP49.82,
followed by Jan 5, 2018 low of PHP49.69. Bulls look for a recoil above PHP50.00,
towards yesterday's high/May 14 low at PHP50.23/25.
- A quick reminder, the Philippines reports unemployment & CPI data tomorrow.

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