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1-Month NDF Tick Higher, BSP Expects Feb CPI Inflation To Be Within +8.5%-9.3% Y/Y Range

PHP

USD/PHP 1-month NDF trade +0.05 at PHP55.44 with participants mulling BSP speak surrounding the inflation outlook. The central bank said it expects CPI growth to settle within +8.5%-9.3% Y/Y this month after an expectation-busting +8.7% December reading.

  • While commenting on its inflation forecast, Bangko Sentral ng Pilipinas pledged to "continue to adjust its monetary policy stance as necessary," even as Governor Medalla recently flagged scope for slowing the pace of rate hikes.
  • However, Medalla said overnight that there's still room for the central bank to raise the key rate further, as its current level of 6% is "not that high." The Philippines will publish its CPI inflation reading for February next Tuesday.
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