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        Philippine Peso Forecasts 2021

        #Forecasts #PHP

        Forecasts for the Philippine peso change all the time, affected by news events and relative sentiment towards the Philippine economy.

        Forecasts Updated: Jul 27, 2021

        What’s in this Philippine peso forecast summary?

        1. PHP markets
        2. USD to PHP
        3. AUD to PHP

        Philippine peso in the markets

        Migrant workers from Asia’s developing countries, such as the Philippines, have been sending home record amounts of money in recent months, defying pandemic expectations and propping up home economies at a critical time.

        However, it appears workers are just sending money home in advance of their own return due to a bleak job market, particularly in the Middle East.

        The Philippines government, expects almost 300,000 overseas Filipinos to come home this year, with potentially severe consequences as remittances make up about 10% of the economy.

        US Dollar to Philippine Peso

        USD/PHP – this currency pair which normally trades in a narrow range, saw some volatile moves during the week. The Greenback rocketed from it’s 50.30 close last Friday to 51.32on Wednesday. The USD/PHP pair then plunged to 50.12 on Thursday evening before settling at 50.35 this weekend. Which smacks to this writer of intervention from the BSP (Philippine Central Bank). More of smoothing out the market than anything else.

        Philippine Vice-President Leni Robredo made an urgent plea for vaccinations to speed up amidst a rise of the delta strain of coronavirus cases.

        The Philippine Central Bank will be concerned should USD/PHP climb further to the 51.00 level and may be forced to act.

        Australian Dollar to Philippine Peso

        AUD/PHP – 90-day chart has seen this cross between 36.50 and 37.80 (give or take a few points). Difficult to see any changes on this cross unless the US 10-year yield climbs back to recent highs.

         

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        Disclaimer: Please note that the currency forecasts and opinions of our authors should not be taken as a reference to buy or sell any financial product.