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BSP Leaves Policy Rates Unchanged, Raises 2021 CPI Forecast

PHP

Spot USD/PHP re-opened on a softer footing and now changes hands -0.110 at PHP48.630. The rate has approached the 23.6% retracement of the Jun 1 - 24 rally, located at PHP48.604. A break here would open up Jun 21 low of PHP48.455. Bulls need a rebound above yesterday's high of PHP48.910 to regain control.

  • USD/PHP 1-month NDF last -0.040 at PHP48.690. Downside focus falls on the 200-DMA at PHP48.357, while bulls look to take out yesterday's high of PHP48.970.
  • Bangko Sentral ng Pilipinas left its benchmark interest rate unchanged on Thursday, noting that "the continued implementation of direct non-monetary measures will be crucial in mitigating further supply-side pressures on meat prices and inflation". In addition, policymakers "observed that economic activity has improved in recent weeks, but the overall momentum of the economic recovery remains tentative as the threat of COVID-19 infections continues".
  • In the post-announcement briefing, BSP Dep Gov Dakila said that the central bank raised its 2021 CPI projection to +4.0% Y/Y from +3.9%, while leaving the 2022 forecast at +3.0%.
  • Per BBG, BSP Gov Diokno will speak at a GCash event today. Focus next week turns to Thursday's Markit M'fing PMI & unemployment, while bank lending data are also expected over the coming days.
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