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Fed Musings In Driving Seat, With BSP Policy Meeting Up Next Week

PHP

Spot USD/PHP trades +0.078 at PHP51.330, buoyed by the aforementioned risk of a more hawkish Fed. This turns focus back to PHP51.500, a key layer of resistance which capped gains thrice this year. Bears need a fall through Feb 3/Jan 5 lows of PHP50.920/50.900 before eyeing a deeper sell-off.

  • USD/PHP 1-month NDF last +0.080 at PHP51.470. Topside focus falls on Feb 8 high of PHP51.780, while initial support is located at PHP50.830, the low print of Feb 1.
  • Recall that BSP Gov Diokno said earlier this week that the central bank is in no rush to tighten policy and doesn't need to move in lockstep with the Fed.
  • Bangko Sentral ng Pilipinas will hold a monetary policy meeting next week, with the announcement coming up on Thursday. In light of the central bank's messaging, policymakers should keep monetary policy settings unchanged.
  • Elsewhere, the Philippines' Commission of Elections rejected three petitions seeking to disqualify presidential frontrunner Ferdinand "Bongbong" Marcos Jr from running in the upcoming election.
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