HALISTER1: Strong Philippine GDP May Not Prevent Peso Weakening: Charts

Strong Philippine GDP May Not Prevent Peso Weakening: Charts

(Bloomberg) -- USD/PHP 1-month NDF is at risk of rising toward 100-DMA in near term after Fed’s Williams, Lockhart said June meeting is live, and ahead of G-7 gathering this weekend, Bloomberg strategist Mark Cranfield writes.
  • Philippines 1Q GDP seen growing 6.9% y/y, up from 6.3% in 4Q, according to median est. in Bloomberg survey; range of estimates from 6.2% to 7.6%, data due Thurs. at 10am local
  • Momentum studies in oversold territory, suggesting limited downside for 1-month NDF; chart here
    • Slow stochastics %K at 18, Williams %R at -79
  • USD/PHP 1-month NDF now up 0.3% to 46.65; below 100-DMA at 47.13 since May 10
  • NOTE: Mark Cranfield is an FX strategist who writes for First Word. The observations he makes are his own and are not intended as investment advice.
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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