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Over To Bangko Sentral

PHP

The peso has softened along most regional peers in the wake of the latest monetary policy decision from U.S. FOMC, with the Philippines' own central bank due to deliver their decision later today. Spot USD/PHP sits +0.159 at PHP50.431 after charting a short-term double bottom pattern. Bulls look to a move through Aug 19 high of PHP50.615 towards Aug 17 high of PHP50.667. Bears need a fall through Sep 16 low of PHP49.715 before targeting Aug 31/Sep 3 lows of PHP49.660/49.659.

  • USD/PHP 1-month NDF last +0.100 at PHP50.500. Bulls set their sights on Aug 19 high of PHP50.760, while bears keep an eye on Sep 15/Aug 31 & Sep 1 lows of PHP49.730/49.720.
  • Focus turns to the upcoming announcement from Bangko Sentral ng Pilipinas, due at 09:00 BST/16:00 PHST. Almost all forecasters expect the Monetary Board to leave interest rates unchanged, with one dissenting dovish call from Capital Economics. As outlined in our preview, we concur with consensus sentiment.
  • Meanwhile, BSP Gov Diokno said that the central bank supports the plan to amend the charter of the Philippine Deposit Insurance Corp. (PDIC), which would turn the insurer into a BSP agency. The official added that credit activity is expected to recover in "coming months" amid easy monetary policy and the relaxation of Covid-19 curbs in Metro Manila.
  • OCTA Research Group said that the Covid-19 reproduction rate in Metro Manila eased to 1.03 on Tuesday from 1.33 recorded a week ago.
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