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USD/PHP In Close Proximity To One-Year High

PHP

Spot USD/PHP reopened on a softer footing, but has recouped its initial losses and last changes hands +0.039 at PHP49.226. A move through Jul 2 high of PHP49.260 would turn focus to Jul 23, 2020 high of PHP49.467. Bears see Jun 29 low of PHP48.460 as their initial target.

  • USD/PHP 1-month NDF last seen -0.010 at PHP49.340. Downside focus falls on Jul 2 low of PHP48.930, followed by the 100-DMA/Jun 28 low at PHP48.474/48.430. Bulls would be pleased by a rally above Jul 2 high of PHP49.600, which would expose Jul 13, 2020 high of PHP49.780.
  • An ex-chief of the Integrated Bar of the Philippines said that there are no legal obstacles which could prevent Pres Duterte from running for VP in 2022.
  • The Philippine Coast Guard said it dispersed five Chinese vessels from the West Philippine Sea, amid simmering tensions over the disputed waters.
  • The Philippine Statistics Authority will publish their monthly CPI report tomorrow, with trade balance coming up on Friday.
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