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Forex Flash: Fitch upgrades Philippines to investment grade – ANZ

Earlier today, Fitch Ratings upgraded the Philippines’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to BBB- from BB+. The Long-Term Local-Currency IDR has been upgraded to BBB from BBB-. The outlook on both ratings is stable. According to Strategist Irene Cheung at ANZ, “We think the other two major rating agencies S&P (BB+ Positive) and Moody’s (Ba1-stable) will upgrade the Philippines in the coming months.”
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Forex: EUR/CHF finds support at 1.2170

Increased inflows into the safe haven Swiss franc have dragged the cross to weekly lows in the vicinity of 1.2170 on Wednesday, currently trading in the negative territory for the third consecutive session....
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