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Peso Firms After Diokno Says It Remains "Relatively Stable"

PHP

Spot USD/PHP trades -0.035 at PHP49.888, with little in the way of notable fresh headlines seen out of the Philippines. Bears look for a dip through Aug 31/Sep 3 lows of PHP49.660/49.659, which would bring Aug 4 low of PHP49.605 into play. Bulls need a jump above Sep 8 high of PHP50.315, before taking aim at Aug 19 high of PHP50.615.

  • USD/PHP 1-month NDF last seen -0.010 at PHP49.970. A slide past PHP49.720, which cushioned losses on Aug 31/Sep 1, would please bears. Meanwhile, bulls look to a move through the 50-DMA/Sep 7 high at PHP50.317/50.400.
  • BSP Gov Diokno said in a statement yesterday that the peso remains "relatively stable," while flexible exchange rate policy protects it against speculative attacks and external shocks. The central bank chief added that policymakers will keep MonPol settings and regulatory measures supportive.
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