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Peso Gains As BSP Gov Diokno Recognises Need To Withdraw Stimulus

PHP

Spot USD/PHP has gone offered this morning and last deals -0.085 at PHP52.035. Bears look for a break under the 50-DMA/Apr 13 low at PHP51.921/51.875 before targeting the 100-DMA at PHP51.395. Bullish focus remains on the PHP52.500 figure.

  • USD/PHP 1-month NDF last seen -0.070 at PHP52.260. Should the 50-DMA at PHP52.126 give way, bears could target the 100-DMA at PHP51.618. Bulls look for a clearance of Apr 20 high of PHP52.750.
  • The Philippines has found its first case of the Omicron subvariant BA.2.12 in a traveller who arrived from Finland earlier this month.
  • BSP Gov Diokno said his Monetary Board is cognisant of the need to scale back pandemic-era policy support as the economy recovers. He flagged that the timing and conditions of policy exit will be determined by medium-term inflation and growth outlook as well as public health considerations and economic risks.
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