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BSP Minutes Scrutinised, Gov Diokno Says MonPol Tools Not Yet Fully Utilised

PHP

Spot USD/PHP trades -0.230 at PHP49.668 after a softer reopen, with downside focus falling on Aug 31 low of PHP49.660, which limited losses early on. Below there opens Aug 4 trough at PHP49.605. On the topside, a rally above Aug 27 high of PHP50.145 would expose Aug 19 high of PHP50.615.

  • USD/PHP 1-month NDF last seen -0.110 at PHP49.790. Bulls look to a move through the 50-DMA/Sep 1 high at PHP50.191/50.260, while bears keep an eye on Aug 31/Sep 1 lows of PHP49.720, followed by Aug 26 low of PHP49.400.
  • Bangko Sentral ng Pilipinas published minutes from their Aug 12 monetary policy meeting, which showed that the Bank has lowered their 2021 GDP growth forecast. The central bank left the main policy settings unchanged last month.
  • BSP Gov Diokno said that the central bank's conventional policy tools are still far from being fully utilised, but added that preventing economic scarring will "require that the heavy lifting comes from fiscal policy".
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