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Live BSP Meeting Draws Near

PHP

Spot USD/PHP operates -0.048 at PHP52.445 as bears eye May 12 low/50-DMA at PHP52.200/52.163 for initial support. On the flip side, bulls need a breach of formidable price ceiling at PHP52.500 to regain control and take aim at Aug 15, 2019 high of PHP52.620.

  • USD/PHP 1-month NDF last seen +0.060 at PH52.730. Topside focus falls on May 9 high of PHP53.250, while bears would be pleased by a slide through May 11 low of PHP52.260.
  • The Philippines Vice President-in-waiting Sara Duterte said her inauguration ceremony has been "pencilled-scheduled for June 19" and will take place in Davao City. But she will only formally take office on June 30, together with President-elect Ferdinand Marcos.
  • Bangko Sentral ng Pilipinas will announce its monetary policy decision on Thursday and a narrow majority (12/21) of economists surveyed by Bloomberg expects the first rate hike since the outbreak of the pandemic.

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