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Cycle Lows In Play Despite BSP Policy Normalisation Talk

PHP

Key resistance from PHP53.000 failed to keep a lid on spot USD/PHP as post-U.S. CPI impetus pushed the rate to fresh cycle highs. It last changes hands +0.255 at PHP53.240, with bulls looking to further gains towards PHP53.500. Conversely, bears look for a pullback under the PHP53.000 figure.

  • USD/PHP 1-month NDF last +0.190 at PHP53.510. The PHP54.000 mark provides the next topside target, while bears look for sales past Jun 8 low of PHP53.010.
  • Incoming Economic Planning Secretary Balisacan told BBG that the economy is expected to grow at least 6% Y/Y this year as higher imported inflation weighs on the outlook.
  • Separately, outgoing BSP Gov Diokno vowed that the central bank will trim its daily purchases of government securities as part of monetary policy normalisation. Monetary operations will be refined "to help ensure that the monetary policy stance is transmitted to the economy through short-term interest rates."
  • Overseas cash remittances are expected to hit the wires later this week.
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