USDPHP Exchange Rate Poised to Break Lower
The USDPHP exchange rate, following a recent rebound, has pulled back anew and is currently retesting its key support at the 55.23 to 55.36 area. While the currency pair is still held by the said support zone, the series of lower highs that it has marked since the start of the year position it for a likely downside break soon. Note that a possible break below the 55.23 handle may then send it to its next support at 54.34. While sentiment on risk assets in general remain to be on the bearish end given the recent rise in yields, the ongoing strength of the Philippine peso against the US dollar may at least cushion the local stock market from falling further.
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