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Gov Diokno Sees BSP Keeping Rates Steady Through First Half Of 2022

PHP

Spot USD/PHP has crept higher on another round of comments conveying Bangko Sentral ng Pilipinas' patient stance. The rate operates +0.055 at PHP51.388, with bulls setting their sights on the PHP51.500 level associated with the central bank's interventions over the recent weeks. Bears look for a pullback towards Feb 3/Jan 5 lows of PHP50.920/50.900.

  • USD/PHP 1-month NDF last +0.070 at PHP51.520. Bulls would be pleased by a rally above Feb 8 high of PHP51.780, while bears see Feb 1 low of PHP50.830 as their initial target.
  • Bangko Sentral will deliver their monetary policy decision this Thursday, but do not expect any movement on interest rates. Over the weekend, BSP Gov Diokno told the FT that the central bank can afford to be "patient" and preserve room for manoeuvre in case Covid-19 cases surge again. Diokno said that he "would be willing to bet that we will not adjust our rates for the first half of this year" and was "supported by our monetary board."
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