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Strategists at UOB Group’s Quarterly Global Outlook noted USD/PHP is expected to gyrate around the 48.0 level for the time being.

Key Quotes

“We anticipate PHP to maintain its strength and hover around the 48.0 levels against the USD over the next few quarters.”

“However, PHP is approaching “expensive” valuations, at least according to BIS measure of its real effective exchange rate (+1.7 standard deviations).”

“Our PHP/USD point forecasts are 48.2 by end-4Q20, 47.9 by end- 1Q21, 47.5 by end-2Q21 and end-3Q21.”