Weak Exports Could Push USD/PHP Toward Two-Week High: Analysis
Source: BFW (Bloomberg First Word)
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(Bloomberg) -- USD/PHP may advance to July 26 high of 47.245 near term if Philippine exports fall as much as or more than economists expect in June, Bloomberg strategist Andrew Robinson writes.
Alert: HALISTER1- Exports fell 12.5% y/y vs 3.8% decline in May, according to median est. in Bloomberg survey; ests. range from -19% to -4.2%; data due 9am local time tomorrow
- Would be 15th negative month in a row
- USD/PHP up 0.2% at 46.920 today, holding above 50-DMA at 46.786; FX pair hasn’t closed below this MA since June 23
- Slow stochastics turns higher to 23, in oversold territory
- 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.
Source: BFW (Bloomberg First Word)
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UUID: 7947283