#YEN Strength VALIDATES #USDPHP Weakness...
A Trade sequence of our market call dated May 01 @47.00 which came from a follow through price call on the #USD/PHP pivotal price point @46.10 dated April 18-19, 2016. A total coverage of a position trade of 5 months in the making from mid-April and currently above the @48.00 PHP/USD exchange rate. And where retracements covers a full run of their respective Highs & Lows while staying Neutral to Negative for the Asian markets since Sept 8, 2016. This is a sequence of trade position analysis.
The Playbook is more between the PHP weakness rather than a USD strength. Along side the Strength of the YEN keeping the USD at bay. Likewise, a similar market behavior but not necessarily related to is the movements of the #EURO vs. #CABLE's weakness with the #EURGBP cross rate full recovery range being resilient to #GBPUSD weakness working below the 1.3000 levels to this writing.
Whenever one can identify these types of market play after digesting fundamentals and still remains with similar price action in spite of the uncorrelated pairs; the least common denominator would still be the USD.
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Keeping Perception In-check with Reality: Its ECONOMY & POLITICS
ReplyDeletePSE President Hans Sicat cool manner of presenting what is actually happening to FDI outflow; its significance as compared to a "coincidental' situations occurring in the political side other than the economy. With that said, the content & language expressed can also be attributed to market protectionism that may sway the positive outlook on government's intention on spending more than 5% on GDP for infrastructure. That would remain to be seen if a re-focus will indeed take shape in the near term.
Current USDPHP Price levels
https://www.tradingview.com/x/aWcW1vsB/