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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.
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