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Can't Sustain 200-Day MA Break, But Remains Best Performer Within EM Asia FX For December

PHP

USD/PHP is up from earlier lows. We got to 55.075 before USD bids emerged. The pair is last around 55.21, with the simple 200-day MA at 55.128. The pair is already below the 200-day EMA though, which comes in at 55.364. The currency also remains the best performer within the Asian FX space in December to date, just shading the Korean won.

  • Still hawkish central bank rhetoric from the BSP, (more hikes in the first part of 2023), coupled with year-end remittance inflows are likely supports.
  • The BSP also revised higher the November FX reserves figure (gross reverses rose by $1.1bn, against an originally reported fall), building on gains in October and this suggests much less overall BoP pressure compared to the middle part of the year.
  • A sustained break of the low 55.00 region could open up a move back to 54.50, levels last seen in late June.
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