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Peso Holds Familiar Range

PHP

Spot USD/PHP trades -0.142 at PHP55.530, falling for the first time in four days, which is a function of weaker than expected U.S. CPI data released overnight. Still, the rate respects a range well known from the past couple of weeks. From a technical perspective, bears keep an eye on Jul 29 low/50-DMA at PHP55.057/55.012, while bulls see Jul 28 high of PHP55.975 as their initial target.

  • USD/PHP 1-month NDF last +0.100 at PHP55.640. Topside focus falls on Jul 28 high of PHP56.060, while bears look for losses towards Jul 29 low/50-DMA at PHP55.170/55.146.
  • The Philippines' 5-year CDS premium tightened the most since March on Wednesday, falling below 100bp (last ~95bp).
  • Foreign investors were net sellers of Philippine stocks for the fourth consecutive day on Wednesday, but net daily equity outflows shrank to PHP119.4mn.
  • OCTA Research group said that the current wave of COVID-19 infections in Metro Manila is expected to peak next week.
  • Looking ahead, Bangko Sentral ng Pilipinas will deliver its monetary policy decision next Thursday.
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