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Peso Edges Higher On Narrower BoP Deficit

PHP

Spot USD/PHP trades -0.060 at PHP57.365, within touching distance from record highs of PHP57.503, which provides a technical line in the sand. On the flip side, bears look for losses past Sep 13 low of PHP56.728.

  • USD/PHP 1-month NDF last -0.020 at PHP57.470, with downside focus falling on Sep 13 low of PHP56.700. Bulls see all-time highs of PHP57.610 as their nearest targets.
  • Offshore investors sold a net $5.0mn in Philippine stocks Monday, while the PSEi faltered to its worst levels since early Aug. The index (+0.8%) found poise this morning but is yet to challenge yesterday's high.
  • The Philippines' BoP deficit narrowed to $572mn in Aug from $1.819bn prior, per the latest update from the central bank. It was the narrowest shortfall since the BoP flipped into a deficit in Apr.
  • Bangko Sentral ng Pilipinas will announce its monetary policy review this Thursday, with most analysts expecting a 50bp hike to the key policy rate. Monthly budget balance will be published on the same day.
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