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The peso initially weakened at the open but has pushed higher, USD/PHP now down 0.005 at 47.825.

  • Data earlier showed CPI rose in-line with estimates at 4.5%, core CPI rose 3.3%. Following the release BSP Governor Diokno said the bank expects CPI to ease to within target range by the second half of 2021. He added that risks to the inflation outlook are broadly balanced, and the bank will consider the latest CPI and the outlook at the next meeting on June 24. As a note the bank target 2%-4% headline CPI inflation. Despite elevated inflation, the BSP has maintained its benchmark interest rate at a record low of 2% since November, maintaining an accommodative policy stance to support an economy facing renewed challenges from fresh coronavirus curbs. Diokno has noted previously that the central bank is ready to take immediate action to curb inflation if needed.

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