Halister News

(Bloomberg) -- Philippines’ exports probably contracted for the 13th straight month in April, according to economists’ forecasts.

• Exports fell 4.7% y/y following -15.1% reading in March, according to median est. in Bloomberg survey; ests. range from -12.0% to +3.5%; data due at 9am local time tomorrow
• March exports were worse than forecast, weighed down by a weak commodity sector, data released May 11 showed
• Peso fell 1.7% vs dollar in April, biggest decline since Aug. 2015, to close at 46.885 per dollar
• USD/PHP now at 45.880; another negative data print could see the pair rise to 46.465, low on June 3, in near term, thereby closing the breakaway gap formed between June 3 to June 6
• 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