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BSP Sees March Inflation At +3.3%-4.1% Y/Y

PHP

Spot USD/PHP trades -0.062 at PHP51.965, with bears looking for a dip through yesterday's low of PHP51.920. A break here would expose the 50-DMA, which intersects at PHP51.674. Bulls keep an eye on Mar 22/14 highs of PHP52.471/52.487.

  • USD/PHP 1-month NDF last +0.010 at PHP52.100. Bulls look to a swing above Mar 22 high of PHP52.790, with bears keeping an eye on Mar 28 low of PHP51.740.
  • BSP Gov Diokno said that CPI is expected to rise 3.3%-4.1% Y/Y this month on the back of higher oil, power and meat costs (point projection is +3.7%), adding that the central bank will keep watching for possible second-round effects.
  • This comes on the heels of Diokno's remarks yesterday, when the Governor said raising the policy rate to +2.50%-2.75% would be "reasonable and consistent" with growth and inflation targets.
  • Philippine bank lending data is expected to be published at some point today, with S&P Global M'fing PMI due tomorrow.

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