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Peso Boosted By Hawkish BSP Rate Decision & Rhetoric

PHP

The peso wiped out its earlier loss as Bangko Sentral ng Pilipinas increased its key policy rate by 50bp and raised its inflation outlook for the Philippines. Consensus was virtually evenly split between 25bp and 50bp, with our Asia-Pac desk leaning towards a larger move.

  • The Philippine central bank said it now sees inflation averaging at +6.1% Y/Y this year versus +4.5% pencilled in before, with risks to the outlook "strongly skewed" to the upside and inflation expectations on the rise.
  • Governor Medalla speaks at typing, delivering some hawkish rhetoric on top of the rate decision and noted that CPI data indicates a further broadening of price pressures. He stressed that the BSP is "ready to take all needed" steps to bring CPI back to to the target.
  • Spot USD/PHP last sits +0.01 at PHP55.20, pulling back from a new cyclical high of PHP55.38. USD/PHP 1-month NDF deals -0.12 at PHP55.25. Both remain above their respective 50-DMAs taken out yesterday.
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