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Peso Cracks Through Key Support, Diokno Reiterates RRR Cuts Are Off The Table Now

PHP

Spot USD/PHP caught a bid Monday as it staged a clean break above the key PHP50.500 level, even as BSP reported a larger than expected increase in overseas cash remittances. The amount of cash sent home by Filipinos abroad grew 7.0% Y/Y in June, beating BBG estimate of +2.4%.

  • BSP Governor Diokno told Bloomberg that the Philippines can still meet the 6%-7% growth target this year, adding that vaccine rollout will play a critical role. Diokno reiterated that cutting the RRR now would be unjustified.
  • The Philippine data docket is virtually empty during the remainder of this week.
  • Spot USD/PHP trades +0.018 at PHP50.655 as we type. Bulls keep an eye on May 18, 2020 high located at PHP50.906, just shy of the 50% retracement of the Oct 4, 2018 - Feb 15, 2021 sell-off at PHP50.938. Bears look for a pullback under Aug 4 low of PHP49.605.
  • USD/PHP 1-month NDF last seen +0.060 at PHP50.930. The high print of Jul 19 at PHP51.390 provides the initial layer of resistance, while downside focus falls on Aug 11 low of PHP50.210.
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