European OFW Cheers - It's our turn!
The USDPHP exchange rate have twice marked a brief exchange rate above 50.00 / USD with a short-lived high @50.15 found a relief from the USD weakness a well deserve corrective phase since touching a DXY high @103.55. And a couterpart strength from the European Majors shift investors / traders interest.
In spite of the USD weakness based on the current DXY weakness below 100 bp , could have provided more support for the Philippine Peso against the USD. As the USDPHP exchange rate and price range is between 48.80 low - 50.50 high for now. Initially, it was the USD strength that weakened the PHP other than the other issues surrounding the PH economy. Price action is limited within the higher band that will eventually follow with the current trend direction. However, the USD weakness have been replaced by the European majors price recovery amid their strength that alternately shifted PHP weakness to continue.
Leading the Currency Exchange surge accordingly to their respective Price Action:
British Pound / Philippine Peso (GBPPHP) @63.20
Euro / Philippine Peso (EURPHP) @53.75
Swiss Franc / Philippine Peso (CHFPHP) @50.20
More money for family needs a relief through exchange rate benefits from last year's rates.
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