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USD/PHP trades at PHP50.59, a dozen......>

DOLLAR-PHP
DOLLAR-PHP: USD/PHP trades at PHP50.59, a dozen pips worse off when this is
being written. The next support level in sight is PHP50.47, which represents the
low of May 27. A fall below there would shift focus to May 14 low of PHP50.25,
the worst level since early 2018. Bulls look to a recovery of May 28 peak at
PHP50.77, which would clear the way to May 22 high of PHP50.80.
- Philippine President Rodrigo Duterte announced that the authorities will be
relaxing restrictions in the capital region, starting from June 1. Most
businesses and transport will be allowed to resume operations.
- Elsewhere, BSP Governor Diokno noted that the central bank expects May CPI
inflation to print within the range of +1.9%-2.7% Y/Y, amid upticks in oil &
farm product prices & due to the impact of a typhoon.
- Also worth mentioning that BSP said that it is easing rules on bank's reserve
requirement ratios as it will start counting PHP loans to large firms hit by the
coronavirus pandemic as compliance to the requirements, given that certain
conditions are satisfied.

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