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Asia Sovs Steady, Philippines BoP Swings To Deficit

ASIA RATES
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Asia sovereigns are relatively stable today, largely tracking moves in US Tsys. The PHILIP curve is slightly underperforming after the Philippines June BoP swung to a deficit of $155m, from a $1.997b surplus in May.

  • There has been some selling in the PHILIP 5-7yr tenors post the BoP numbers being released while the INDON curve has bear-steepened with the 10y +3bps at 5.01%
  • This week, the BI kept its policy rate unchanged at 6.25% to stabilize the rupiah and attract foreign inflows, signaling potential for future cuts but with a cautious stance due to global economic uncertainties and the country's fiscal risks. Indonesia saw $118m of inflows into local stocks from foreign investors over the past week, far outpacing the Philippines who saw just 28m.
  • Cross-asset: Asian currencies are lower verses the USD today, with the IDR falling 0.22%, while the PHP is 0.15% lower, equities are mixed with the JCI down 0.75% with some investors taking profits after rallying almost 10%, while the PSEi continues its march higher and trades up 1.37% and now trades 10.37% higher from cycle lows.
  • The coming week will be very light on for any economic data - Philippines have a 20y bond auction on Tuesday.
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Asia sovereigns are relatively stable today, largely tracking moves in US Tsys. The PHILIP curve is slightly underperforming after the Philippines June BoP swung to a deficit of $155m, from a $1.997b surplus in May.

  • There has been some selling in the PHILIP 5-7yr tenors post the BoP numbers being released while the INDON curve has bear-steepened with the 10y +3bps at 5.01%
  • This week, the BI kept its policy rate unchanged at 6.25% to stabilize the rupiah and attract foreign inflows, signaling potential for future cuts but with a cautious stance due to global economic uncertainties and the country's fiscal risks. Indonesia saw $118m of inflows into local stocks from foreign investors over the past week, far outpacing the Philippines who saw just 28m.
  • Cross-asset: Asian currencies are lower verses the USD today, with the IDR falling 0.22%, while the PHP is 0.15% lower, equities are mixed with the JCI down 0.75% with some investors taking profits after rallying almost 10%, while the PSEi continues its march higher and trades up 1.37% and now trades 10.37% higher from cycle lows.
  • The coming week will be very light on for any economic data - Philippines have a 20y bond auction on Tuesday.