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Peso Keeps Lagging Behind, BSP Rate Review Eyed Next Week

PHP

Spot USD/PHP trades +0.155 at PHP55.465, with the peso pacing losses in emerging Asia. From a technical standpoint, gains past Jul 28 high of PHP55.975 would shift focus to historic highs of PHP56.500. Bears look for a dip through the 50-DMA at PHP55.059.

  • USD/PHP 1-month NDF last +0.100 at PHP55.560. Topside focus falls on Jul 28 high of PHP56.060, followed by all-time highs of PHP56.740. Bears look for a retreat under PHP55.192, which represents the 50-DMA.
  • Global funds turned into net buyers of Philippine stocks on Thursday for the first day in five, buying a net $17.2mn in local equities. That said, yesterday's rally in the PSEi has ran out of steam, with the index down 0.2% on the day as we type.
  • Philippine overseas remittances are expected to cross the wires in the coming days.
  • Bangko Sentral ng Pilipinas will announce its monetary policy decision next Thursday. Policymakers are hesitating between a 25bp and a 50bp rate rise. As things stand, there are two analysts expecting each scenario in a Bloomberg survey, with one calling for a 25bp cut (this may be an error as the said economist tweeted that he expects BSP to "surprise with a hold").
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Spot USD/PHP trades +0.155 at PHP55.465, with the peso pacing losses in emerging Asia. From a technical standpoint, gains past Jul 28 high of PHP55.975 would shift focus to historic highs of PHP56.500. Bears look for a dip through the 50-DMA at PHP55.059.

  • USD/PHP 1-month NDF last +0.100 at PHP55.560. Topside focus falls on Jul 28 high of PHP56.060, followed by all-time highs of PHP56.740. Bears look for a retreat under PHP55.192, which represents the 50-DMA.
  • Global funds turned into net buyers of Philippine stocks on Thursday for the first day in five, buying a net $17.2mn in local equities. That said, yesterday's rally in the PSEi has ran out of steam, with the index down 0.2% on the day as we type.
  • Philippine overseas remittances are expected to cross the wires in the coming days.
  • Bangko Sentral ng Pilipinas will announce its monetary policy decision next Thursday. Policymakers are hesitating between a 25bp and a 50bp rate rise. As things stand, there are two analysts expecting each scenario in a Bloomberg survey, with one calling for a 25bp cut (this may be an error as the said economist tweeted that he expects BSP to "surprise with a hold").