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Peso Lags Asia EM Peers Ahead Of BSP Meeting This Week

PHP

Spot USD/PHP last changes hands +0.025 at PHP57.288. Bulls look for a return towards the PHP59 all-time high, while bears eye the 100-DMA at PHP56.915 for initial support.

  • USD/PHP 1-month NDF last seen unch. at PHP57.25. The 100-DMA (PHP57.18) has provided durable support today and last Friday. Bulls would be pleased by a break above Nov 3 high of PHP59.05.
  • Foreign players bought a net $7.57mn in Philippine stocks last Friday, while the PSEi rose 1.9%. The index has extended gains at the start to the the new week, last sitting ~1% higher and showing above its 100-DMA.
  • Philippine overseas remittances may hit the wires in the coming days, with Bangko Sentral ng Pilipinas due to announce its monetary policy decision this Thursday. The Monetary Board is expected to deliver the promised 75bp rate hike, matching the latest move by the Fed.

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