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Diokno Calls USD/PHP At 50-51 "Not Worrisome," FX Interventions Only To Smooth Fluctuations

PHP

Spot USD/PHP has headed lower as onshore markets reopened and participants have digested the latest round of comments from BSP Gov Diokno, who played down the need for intervening in FX markets.

  • The pair trades -0.098 at PHP50.750 at typing, bears see Oct 8 low/50-DMA at PHP50.385/50.323 as their initial targets. Bulls look for a rebound above the round figure/Sep 27 high of PHP51.000/51.036.
  • USD/PHP 1-month NDF last seen -0.120 at PHP50.910. Bears would be pleased by a dip through Oct 7 low/50-DMA at PHP50.490/50.471, while bulls keep an eye on Sep 27 high of PHP51.520.
  • BSP Gov Diokno told Bloomberg that USD/PHP trading at the PHP50-51 level is "not worrisome" for the central bank and is within the gov't's FX assumption used for budget planning. He added that BSP only intervenes in FX markets to smooth fluctuations.
  • The Governor reiterated that inflation remains manageable and the current monetary policy settings are appropriate for supporting the Philippines' nascent economic recovery.
  • Bangko Sentral are expected to publish the latest update on overseas remittances over the coming days.
  • Elsewhere, Metro Manila Development Authority called for a relaxation of Covid-19 alert level in the capital region from Oct 16, as daily infections have eased.
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