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Peso Moves Away From Line In Sand

PHP

Spot USD/PHP trades -0.112 at PHP58.350, falling to new monthly lows, as the recent decline in U.S. Tsy yields provides some reprieve to Asia EM FX space. Technically, a break below the 50-DMA at PHP57.742 would support the bearish case. Bulls keep an eye on the PHP59 all-time high and the psychological PHP60 figure above.

  • USD/PHP 1-month NDF last +0.090 at PHP58.400. Topside focus falls on Sep 28 high of PHP59.460, while bears eye support from the 50-DMA at PHP57.960.
  • BSP Gov Medalla sought to water down messaging from his predecessor and current FinSec Diokno, who drew a line in the sand at PHP60, vowing that officials would defend that level. Medalla said that he saw "very little" difference between USD/PHP hitting PHP60.00 and PHP60.50, but the round figure "became a magic number" politically, which "can complicate central banking."
  • Foreign investors offloaded Philippine stocks for the fifth consecutive day. being net sellers of $0.44mn Wednesday. The PSEi added 0.8%, extending those gains this morning.
  • Data released Wednesday showed that the Philippines' budget deficit widened to PHP179.8bn in September from PHP72.0bn prior.
  • Data on Philippine bank lending & money supply may hit the wires in the coming days.
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