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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
PHP
The Philippine peso underperforms regional peers after the release of disappointing data and a notable equity outflow seen Tuesday.
- Spot USD/PHP trades +0.159 at PHP55.764. A break above Jul 28 high of PHP55.975 would shift focus to the record high of PHP56.500. Bears would be pleased by a retreat under the 50-DMA, which kicks in at PHP54.959.
- USD/PHP 1-month NDF last +0.140 at PHP55.880. Topside focus falls on Jul 28 high of PHP56.060, followed by the all-time high of PHP56.740. Bears keep an eye on the 50-DMA, last at PHP55.099.
- The PSEi has operated below neutral levels this morning, last sits ~0.4% lower on the day. Foreign players were net sellers of $101.5mn in local equities yesterday, which was the largest outflow since late May.
- The Philippines' GDP growth slowed in Q2 as inflation weighed on consumer spending; monthly trade deficit widened to a record in June as inbound shipments grew more than forecast.
Fig. 1: Philippine Stock Exchange Net Foreign Stocks Investment (mn$)
Source: MNI - Market News/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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