Free Trial

Overseas Remittances Beat Expectations, BSP MonPol Decision Up Later This Week

PHP

Spot USD/PHP has inched higher and last trades +0.021 at PHP50.205. Should the rate manage to pierce its 50-DMA at PHP50.457, bulls would be able to take aim at PHP50.620, which capped gains on Nov 4 & 5. Conversely, a pullback under yesterday's low of PHP49.775 would turn focus to Sep 16 low of PHP49.715.

  • USD/PHP 1-month NDF last +0.020 at PHP50.250. Bulls look to a break above Nov 3 & 4 highs of PHP50.920, while bears keep an eye on Nov 12 low of PHP49.820.
  • Overseas remittances growth topped expectations in September, as Overseas Filipinos sent home $2.737bn that month.
  • The list of candidates for the 2022 elections is finalised, following some last-minute changes ahead of Monday's deadline for candidate replacements. Current Pres Duterte will run for the Senate, while his popular daughter Sara will seek vice presidency.
  • Looking ahead, Bangko Sentral ng Pilipinas will deliver their monetary policy decision on Thursday, but are widely expected to leave interest rates on hold.

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.