USD/PHP Biased Up; 43.00 Cap Eyed

The USD/PHP is likely to trade in range with an upside bias amid continuing concerns over Europe's debt sovereign crisis even as Greece obtained approval for a fresh bailout package. The pair may head towards 43.00 resistance from 42.66 late Tuesday. "Markets are still wary of further developments in Greece. Although a deal has been struck, it still needs to be polished, so that will cause some volatility," says a local bank trader. He pegs support at 42.50.