Forex News USD/PHP may continue yesterday's recovery after oil futures rose overnight, corporates take advantage of pair's recent fall to accumulate dollars for month-end financing requirements. Chinatrust Philippines Treasurer Roland Avante expects pair's resistance at 44.75 after ending at 44.53 yesterday (higher from 44.455 Friday), with support at 44.40. "The market's bias is to go long (on the dollar) since the peso has risen much in the past days (following the central bank's 50bp rate hike)," says Avante.
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