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BSP Up Today

PHP

Spot USD/PHP has rejected resistance from PHP52.487 and trimmed some gains but still trades +0.018 on the day at PHP52.413. This leaves bulls looking for a clean break above PHP52.487, which limited gains both today and on Mar 14. Above there opens Aug 15, 2019 high of PHP52.620. Bears look for a sell-off past Mar 17/10 lows of PHP52.110/52.045.

  • USD/PHP 1-month NDF last -0.070 at PHP52.570. Bears keep an eye on Mar 9 low of PHP51.830, while bulls see Mar 14 high of PHP52.940 as their initial target.
  • Bangko Sentral ng Pilipinas are preparing to announce their monetary policy decision later today. We expect policymakers to stand pat on interest rates.

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