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Outperforms, USD/PHP At Fresh Lows Back To Mid-August

PHP

PHP is the standout in Asia FX today. The peso is close to 0.90% stronger, leaving USD/PHP at the 55.50 level, fresh lows back to mid-August. Earlier, the unemployment rate dipped to 4.5%, which is at fresh lows going back to late 2019.

  • This comes on the back of yesterday's stronger than expected inflation outcome (8.0% y/y, versus 7.8%), which raises the prospect for a continued aggressive tightening stance by BSP (next meeting is on 15th Dec).
  • Lower oil prices have also likely helped at the margin today. Local equities are down close to -0.40% so far today, but this follows a very strong 3.6% gains yesterday, which put the index back above its 200-day MA.
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