USDPHP continues its downtrend
Updated
PHP continues to strengthen as weak demand for dollars in the country, lackluster import demand and continuing weakness in USD continues.
>Downtrend Line continues to be respected
>Trend Indicators remain weak
>Next Support level seen at 47.90 - 48.00 levels
>Downtrend Line continues to be respected
>Trend Indicators remain weak
>Next Support level seen at 47.90 - 48.00 levels
Note
Onshore PHP is now nearing 48 php levels. BAPH closed the PH at around 48.045 with around a bank traded volume of almost 700million USD notional. Should it break convincingly, next target is around 47.50
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