Halister News

(Bloomberg) -- Another month of above-forecast growth for Philippines’ imports in June could potentially push USD/PHP down to this month’s low of 46.225 near term, Bloomberg strategist Andrew Robinson writes.

• Imports probably rose 13.8% y/y after 39.3% gain in May, median est. in Bloomberg survey shows; ests. range from +10% to +17%; data due 9am local time tomorrow
  • Trade deficit likely held at about $2b, a separate survey shows
• Strong imports have implied robust domestic demand, which posted highest y/y growth on record in 2Q, according to data going back to 1999
• Imports saw biggest gain in more than six years in May, data released July 26 showed; USD/PHP fell 0.1% that day to close at 47.140
  • FX pair currently down 0.1% at 46.525 today; reached MTD low of 46.225 on Aug. 16
  • Bearish momentum signals for FX pair on 14-day RSI and Williams %R charts
• 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