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MUFG Revises Higher USD/PHP Forecasts, Sees Increased Risks Of Intervention

PHP

The Japan bank has raised its USD/PHP forecast profile, and sees increased risks of BSP intervention.


MUFG: "We revise up our USDPHP forecasts to 58.20 for 2Q2024, 57.00 for 4Q2024, and 56.50 for 1Q2025 (from 56.00, 55.70 and 55.00 previously).We now think the BSP will delay the 1st policy rate cut to 1Q2025 (from our previous expectation of 3Q2024) to help guard against PHP volatility and given still sticky inflation.

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The Japan bank has raised its USD/PHP forecast profile, and sees increased risks of BSP intervention.


MUFG: "We revise up our USDPHP forecasts to 58.20 for 2Q2024, 57.00 for 4Q2024, and 56.50 for 1Q2025 (from 56.00, 55.70 and 55.00 previously).We now think the BSP will delay the 1st policy rate cut to 1Q2025 (from our previous expectation of 3Q2024) to help guard against PHP volatility and given still sticky inflation.

Keep reading...Show less