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Peso Gains On Confirmation That June Rate Hike Is On The Table

PHP

Spot USD/PHP trades -0.125 at PHP52.210 at typing, as promise of continuity in BSP monetary policy stance supports the peso. Bears look for a sell-off past May 20 low of PHP52.126 before taking aim at Apr 28 low of PHP51.970. The key initial technical ceiling remains at PHP52.500.

  • USD/PHP 1-month NDF last -0.050 at PHP52.270. Downside focus falls on May 23 low of PHP52.070, while bulls keep an eye on May 26 high of PHP52.670, followed by May 12 high of PHP52.850.
  • BSP Governor-in-waiting Medalla told Bloomberg that he is "on the same page" as outgoing Governor Diokno when it comes to the prediction that another rate hike is likely next month. Bangko Sentral will hold its next monetary policy meeting on June 23.
  • Meanwhile, Diokno is waiting to take office as the new Finance Secretary. GMA News cited him as noting that he is considering taxes on digital transactions and streaming services
  • Philippine bank lending and S&P Global M'fing PMI are due later today.
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