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Peso Firms, 2022 Presidential Race Gets More Crowded

PHP

Spot USD/PHP changes hands -0.066 at PHP50.085, with broader dynamics driving the pair. Bears look for a fall through Sep 16 low of PHP49.715 towards Aug 31/Sep 3 lows of PHP49.660/49.659. Conversely, an upswing above Sep 8 high of PHP50.315 would bring Aug 19 high of PHP50.615 into view.

  • USD/PHP 1-month NDF last seen -0.070 at PHP50.170. Bears look for a dip through Sep 15 low of PHP49.730, while bulls keep an eye on Sep 20/7 highs of PHP50.380/50.400.
  • Manila Mayor Isko Moreno declared his intention to run for president in 2022 and will joint the race alongside Manny Pacquiao and Panfilo Lacson, with a number of other potential contenders still considering throwing their hats in the ring. Moreno's vice-presidential candidate is Willie Ong, a popular medical doctor.
  • Bangko Sentral ng Pilipinas will announce their monetary policy decision tomorrow (our preview is forthcoming), with all but one analyst surveyed by BBG expecting policymakers to stand pat on interest rates.

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