Been tracking USD/PHP for a while now and the range has been pretty wild lately.
Curious what direction you think it’s heading through 2024. Fed policy seems to be the main driver but Philippine fundamentals are shifting too.
The Fed’s stance will probably keep pushing USD higher but the Philippine central bank has been pretty active lately.
I’m watching the 56.50 level as resistance and expecting we might see a push toward 59 if inflation data keeps coming in hot.
Commodity prices could shift things fast though so keeping position sizes smaller on this pair.
Hard to call with all the volatility. I’m thinking it stays range bound between 55 and 58 unless something major happens.
Peso probably weakens to 57 by year end.