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USD/PHP Moves Closer To The Key Round Figure

PHP

Spot USD/PHP trades at PHP48.024, a touch lower on the day, narrowing in on the key PHP48.000 figure. A break under that level would give bears some fresh momentum, clearing the way to Oct 20, 2016 low of PHP47.945. On the flip side, a break above the 50-DMA at PHP48.086 would shift focus to Jan 28 high of PHP48.145.

  • The Bank of Investment set a target of PHP1.25tn of project approvals to boost economic growth and the BoI's Chairman anticipated an intensification in investment in roads, ports, water, power and telecommunications.
  • Philippine Labour Min Bello pledged to look into labour groups' calls for a wage subsidy scheme.
  • Elsewhere, the Agriculture Dept said it will go ahead with imposing a 60-day price ceiling on pork and chicken to Manila, pushing back against earlier reports that it is suspending the cap.
  • The Philippines will publish its CPI data this Friday.
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