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MNI: GERMANY NOV FINAL MANUF PMI 43.0 (FLASH 43.2); OCT 43.0

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Manufacturing Sector Returns Into Growth

PHP

Spot USD/PHP has extended its late-doors slide and last operates -0.050 at PHP51.230. Bears look for a break under Feb 23 low/50-DMA at PHP51.105/51.069 before setting their sights on Feb 3/Jan 5 lows of PHP50.920/50.900. Bulls keep an eye on key resistance from PHP51.500.

  • USD/PHP 1-month NDF last +0.040 PHP51.360. Bulls look to a move through Feb 8 high of PHP51.780, while bears would be pleased by a fall through Feb 23 low of PHP51.110.
  • The BSP said they expected inflation to settle within the +2.8%-3.6% Y/Y range in February, with oil-price rises and higher rice and meat costs seen as primary sources of inflationary pressure.
  • The Philippines' manufacturing sector has moved off from a standstill in February, according to the latest Markit PMI Survey. Headline index improved to 52.8 from the breakeven 50.0 level, reaching its highest level in more than three years. Accompanying commentary highlighted that key takeaways from the report were "solid expansions in both output and new orders."
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