Halister News

(Bloomberg) -- A below-forecast result for Philippines 2Q GDP growth may trigger USD/PHP to climb toward 200-DMA level of 46.948 in the near term, Bloomberg strategist Andrew Robinson writes.

• 2Q GDP probably expanded 6.6% y/y after a revised 6.8% growth in 1Q, median est. in Bloomberg survey shows
  • Ests. range from 5.2% to 7.2%; data due tomorrow at 10am local time
  • This would mark the first quarter of slower growth since 1Q 2015
• Philippines today revises 1Q 2016 growth down to +6.8% y/y from +6.9% at prior reading, on adjustments to trade, other services and public administration, defense data
• ING says widening trade deficit is evidence of strong domestic spending and forecasts 2Q growth of 7.1%, according to note today
• USD/PHP rises 0.4% to 46.420 today, is down 1.5% so far this year; FX pair has not traded above 200-DMA since Aug. 8
  • FX pair’s slow stochastics %K line turns higher to 10, is on verge of crossing above %D line
• NOTE: Andrew Robinson is an FX strategist who writes for Bloomberg. The observations he makes are his own and are not intended as investment advice