Weaker Philippines Exports May Push USD/PHP to 10-DMA: Analysis
Source: BFW (Bloomberg First Word)
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(Bloomberg) -- A deeper-than-expected decline in Philippines’ exports in May could push USD/PHP higher to 10-DMA resistance at 46.998 in near term, Bloomberg strategist Andrew Robinson writes.
Alert: HALISTER1- Exports probably fell 3.4% y/y following a 4.1% decline in April, median est. in Bloomberg survey shows; ests. range from -12.0% to +0.8%; data due 9am local time tomorrow
- Barclays, which has the most pessimistic forecast, said in a July 9 note that fewer working days and a generally weak domestic backdrop probably drove weakness
- April exports fell for 13th straight month, data on June 10 showed; USD/PHP rose 0.2% to 46.130 that day
- USD/PHP now at 47.120; MACD is above signal line and zero and rising
- 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