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Peso Firms Ahead Of BSP Decision, Sino-Philippine Tensions Resurface

PHP

Spot USD/PHP has slipped ahead of the imminent policy announcement from the Philippine central bank. The rate last changes hands -0.100 at PHP50.295, with bears looking for a fall through Nov 15 low of PHP49.775 towards Sep 16 low of PHP49.715. Conversely, a rebound above the 50-DMA at PHP50.471 would turn focus to Nov 5 high of PHP50.620.

  • USD/PHP 1-month NDF last -0.060 at PHP50.370. Bears keep an eye on Nov 12 low of PHP49.820, while bulls look to a move through Nov 17 high of PHP50.540 towards Nov 3 & 4 highs of PHP50.920.
  • Bangko Sentral ng Pilipinas will deliver their monetary policy decision today, but are expected to leave the key policy rate at least for the next few months (see our preview for more colour).
  • The rate decision will be announced from Boracay island resort during Governor Diokno's first in-person briefing since the outbreak of the pandemic.
  • Sino-Philippine tensions resurfaced as China Coast Guard vessels blocked and water cannoned Philippine boats carrying food supplies for troops stationed on the contested Ayungin Shoal.
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