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Peso Finds Poise As Onshore FX Market Re-Opens

PHP

The Philippine peso has found poise as domestic FX and bond markets re-open after a one-day pause caused by adverse weather conditions.

  • The tropical storm that hit the northern Philippines yesterday left at least three people injured and thousands displaced.
  • Foreign funds sold a net $3.27mn of Philippine stocks on Wednesday, a third consecutive day of outflows. The PSEi eked out some gains and has remained buoyant this morning.
  • Spot USD/PHP last deals -0.075 at PHP56.015, with bears looking for losses past the 50-DMA, which kicks in at PHP55.523. Bulls keep an eye on record highs of PHP56.500.
  • USD/PHP 1-month NDF last -0.080 at PHP56.090. Downside focus falls on the 50-DMA, which intersects at PHP55.697. Bulls look for a move towards all-time highs at PHP56.740.
  • Philippine monthly budget balance is expected to cross the wires by the end of this week.
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