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Focus Turns To BSP

PHP

USD/PHP has been creeping higher from the off and last operates +0.055 at PHP48.850. Bulls look for consolidation above PHP48.848, which capped gains yesterday, before targeting the PHP49.000 figure. On the downside, focus falls on Jun 22 low of PHP48.670, followed by the 200-DMA at PHP48.279.

  • USD/PHP 1-month NDF last +0.130 at PHP48.940, with bulls keeping an eye on Jun 21 high of PHP48.950. Above there would expose Apr 7 high of PHP49.010. Bears would be pleased by a sell-off past the 200-DMA at PHP48.357.
  • Philippine overall BoP swung to a $1.397bn deficit in May from a $2.614bn surplus in April. YtD deficit printed at $1.627bn.
  • The Dept of Health said that mortality from Covid-19 in NCR has been declining over the past three months and the region is now considered "low risk".
  • Bangko Sentral ng Pilipinas will deliver their latest monetary policy decision today and are widely expected to leave the benchmark Overnight Borrowing Rate unchanged. Click here to see our comprehensive preview of the decision.

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