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Peso Gains As Medalla Sets Stage For Rate Hike Tomorrow

PHP

Spot USD/PHP trades -0.056 at PHP55.784 with the latest batch of comments from BSP chief Medalla cementing the case for a rate hike come the end of tomorrow's Monetary Board meeting. Bearish focus falls on the 50-DMa, which intersects at PHP55.237. On the flip side, bulls keep an eye on record highs of PHP56.500.

  • USD/PHP 1-month NDF last seen -0.110 at PHP55.870. The 50-DMA provides the initial layer of support at PHP55.367. Bulls take aim at the all-time high of PHP56.740.
  • Global funds were net buyers of Philippine stocks on Tuesday. They bought a net $22.7mn in local equities, the largest amount since Jul 29. The PSEi has kept pushing higher today, printing fresh cyclical highs and narrowing in on the 200-DMA.
  • Bangko Sentral ng Pilipinas is preparing to announce the outcome of its Monetary Board meeting tomorrow (click here to see our comprehensive preview). Majority of economists call for a 50bp hike, with some expecting a 25bp move.
  • Governor Medalla spoke on the eve of the rate review, refusing to rule out more rate hikes in subsequent policy meetings. He repeated that Bangko Sentral will neither pause, nor hike rates by 75bp tomorrow.
  • He also reaffirmed the central bank's readiness to take "all necessary policy actions" to anchor inflation expectations and bring CPI back to target, as risks to inflation remain tilted to the upside.
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