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USD/PHP Rebound Continues, But Resistance Evident Ahead Of Simple 200-day MA

PHP

USD/PHP is higher today, but the rate of ascent is down on recent sessions. The pair last sat at 55.65, +0.20% higher for the session so far. We did get to 55.75 earlier, but found selling interest around this region. This is very close to the simple 200-day MA (55.76), and a touch above July highs. The pair is already above all key EMAs.

  • Most USD/Asia pairs are higher, which goes against the trend in the majors, where the USD is tracking softer. This, coupled, with the continued move higher in US real yields is likely weighing on PHP sentiment. The authorities may get more pro active if we breach the 200-day MA or move above 56.00. In the cross asset space, local equities are close to flat and remain within recent ranges.
  • Earlier we had weaker than expected July CPI data, although the BSP still sounded cautious around the inflation backdrop. Next week we get June trade figures and Q2 GDP, ahead of the next BSP decision on the 17th of August.
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