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USD/PHP last trades at PHP50.52, 5.......>

DOLLAR-PHP
DOLLAR-PHP: USD/PHP last trades at PHP50.52, 5 pips richer. The Philippines
released Q1 GDP figures, which were more grim than expected. The economy shrank
by 0.2% Y/Y (exp. +2.9%) and by 5.1% Q/Q (exp. -2.0%), hit by the coronavirus
pandemic and lockdown measures. The release came after Wednesday's comments from
FinMin Dominguez, who warned that the data may be worse than expected, given the
lockdown imposed on the capital region and then extended until May 15.
- A rally above May 6 high of PHP50.63 would bring the 100-/50-DMAs at
PHP50.77/79 into focus. On the downside, attention is drawn to Apr 30 low of
PHP50.42. A break here would expose Jan 14 low of PHP50.37, the worst level in
two years.

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