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Peso Gains As Central Bank Readies For Leadership Change

PHP

Spot USD/PHP changes hands -0.070 at PHP52.340, with bears looking for a slide through May 20 low of PHP52.126 towards Apr 28 low of PHP51.970. Topside focus remains on key resistance from PHP52.500.

  • USD/PHP 1-month NDF last seen at PHP52.440, unchanged on the day. Bears keep an eye on May 23 low of PHP52.070, while bulls look for a move through May 12 high of PHP52.850.
  • The peso showed muted reaction to the news that BSP Gov Diokno will take the helm of the Finance Department, the decision was leaked hours before the official announcement.
  • Monetary Board Member Medalla will replace Diokno as central bank chief from July 1, while the incoming Finance Secretary said he wants to keep Rosalia de Leon as the Treasurer.
  • Diokno noted that he will carefully study the fiscal consolidation plan prepared by the outgoing administration, which includes proposals of several tax tweaks.
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