HALISTER1: Philippine Duterte’s China Visit May Provide Peso Support: ING

Philippine Duterte’s China Visit May Provide Peso Support: ING

(Bloomberg) -- “The state visits which also will include economic and business opportunities would refocus market attention that things are also moving in the economic front,” says Joey Cuyegkeng, economist at ING Bank in Manila.
  • NOTE: President Rodrigo Duterte set to visit China on Oct. 18-21, Japan on Oct. 25-27
  • Visits to signal to market that govt is also moving toward bolstering economic prospects: Cuyegkeng
  • Duterte’s 10-point economic agenda that includes enhancing growth and bringing it to bigger population not lost on economic managers
  • Corporate demand for USD keeping currency pair afloat
  • ING revised USD/PHP forecast for end-2016 to 47.50 from about 46.60
  • USD/PHP little changed at 48.535, above 10-DMA at 48.372
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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Joey Cuyegkeng (ING Groep NV)

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