MNI BRIEF: BOJ Tankan To Show Slipping Sentiment

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

BRIEF: EU-Mercosur Deal In Final Negotiations - EC

MNI China Daily Summary: Thursday, Dec 5

MNI BRIEF: China Construction Output Slows In November

MNI: GERMANY OCT IND PROD -1% M/M

US EIA:NAT GAS STORAGE -30 BCF TO 3,937 BCF NOV 29 WK

MNI: CANADIAN OCT TRADE BALANCE CAD -0.9 BILLION

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Maintains Recent Ranges, Local Equities Close To Recent Lows

PHP

USD/PHP continues to track recent ranges, the pair last at 56.72, similar to closing levels from yesterday. Current USD/PHP levels continue to look a little elevated relative to BBDXY trends, but the divergence is not large. The pair remains comfortably within broad recent ranges of 56.50/57.00.

  • Tomorrow, we get July remittances, the market expects the level to rise slightly to just under $3bn, which would take the y/y pace to 2.5% (form 2.1%).
  • The next big domestic focus point is likely to be next Thursday's BSP decision. No change is expected in the policy rate at this stage (currently 6.25%).
  • Local equities are tracking higher today, but are only a touch above recent lows, last near 6160 in index terms. The 6140 support level held towards the end of August, but if we break below this level it would be back to levels last seen in Nov 2022. Offshore investors remain net sellers of local equities, with nearly $200mn in outflows in September to date.
  • Property developers have been under pressure in recent dealings, as a BSP pivot towards easing policy settings has arguably been pushed into 2024.
BulletEM BulletEmerging Market NewsHomepage
BulletEM BulletEmerging Market NewsHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.