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BSP Intervening But No Line In The Sand For USD/PHP

PHP

USD/PHP is around 58.20/25, just off session highs, and 0.30% weaker for the session. This is fresh highs back to 2022. The pair continues to consolidate post the recent break above the 58.00 figure level.

  • Comments from BSP Governor Remolona crossed the wires late yesterday. He stated the central bank intervened modestly on Tuesday in FX markets. This followed the break above 58.00 in the pair during that session.
  • The Governor stated they are looking to curb speculative activity on such moves. Still, it was reiterated that the authorities are not intervening every day and when they do, it is only in modest amounts.
  • Such commentary doesn't suggest any great alarm around current FX trends, nor a firm line in the sand around a particular level.
  • Remolona also noted 2 rate cuts may happen this year, with the first possible in Q3, the second in Q4.
  • Upside focus in USD/PHP is likely on 2022 highs around 59.00. To turn the tide back lower we likely have to test and break sub the 20-day EMA, which is near 57.65. This has been a support zone since late March.
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