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Peso Gains After Data Show Drop In Foreign Reserves, Decline In Unemployment

PHP

Spot USD/PHP has declined and last operates -0.217 at PHP58.382, with bears looking for a retreat towards the 50-DMA, which intersects at PHP58.040. Topside focus remains on the PHP59 all-time high.

  • USD/PHP 1-month NDF last -0.08 at PHP58.423. The nearby 50-DMA (PHP58.32) provides the initial bearish target, followed by Oct 28 low of PHP57.85. Bulls look for a rebound towards the record high of PHP59.46.
  • Offshore players bought a net $6.70mn in Philippine stocks Monday. The PSEi closed above its 50-DMA and further gains today allowed it to have a look above the 100-DMA.
  • Senate President Zubiri said that the upper house aims to approve the 2023 spending plan by the month-end and submit it for presidential signature in the first two weeks of December.
  • Philippine foreign reserves expanded to $94.1bn last month from the revised $93.0bn. ANZ estimated that Bangko Sentral ng Pilipinas spent less than $1bn on interventions in the FX spot market during that month, the smallest amount since April, but there may have been more intervention through forwards.
  • The Philippine unemployment rate fell to 5.0% in September from 5.3% prior, but the underemployment rate climbed to 15.4% from 14.7% as elevated inflation pushed Filipinos to look for additional work.
  • The next local data release of note is Q3 GDP, which will cross the wires on Thursday.
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