Free Trial
GBPUSD TECHS

Fading Off Key Resistance

US

FED Reverse Repo Operation

US TSY FUTURES

Bonds Lead Post-Auction Sell-Off

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

Peso Near Record Lows, Medalla Advises Against Buying USD Well Ahead Of Use

PHP

Spot USD/PHP sits at PHP58.995, within touching distance from record highs (PHP59.001), after a notable equity outflow on Tuesday. USD/PHP 1-month NDF last seen +0.080 at PHP59.380.

  • Foreign investors dumped Philippine stocks Tuesday as local financial markets re-opened after a pause caused by adverse weather conditions. The PSEi tumbled into bear market territory and remains heavy this morning, posting new cyclical lows.
  • Damage wrought by typhoon Noru on Philippine rice fields is fuelling concerns over continued food shortages, which could accentuate existing price pressures.
  • BSP Gov Medalla sought to discourage buying dollars way before use as he warned that it would add pressure to the beleaguered peso. He stopped short of announcing any measures to that effect, noting that the central bank will not raise any barriers to dollar purchases for domestic companies.
130 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.

Spot USD/PHP sits at PHP58.995, within touching distance from record highs (PHP59.001), after a notable equity outflow on Tuesday. USD/PHP 1-month NDF last seen +0.080 at PHP59.380.

  • Foreign investors dumped Philippine stocks Tuesday as local financial markets re-opened after a pause caused by adverse weather conditions. The PSEi tumbled into bear market territory and remains heavy this morning, posting new cyclical lows.
  • Damage wrought by typhoon Noru on Philippine rice fields is fuelling concerns over continued food shortages, which could accentuate existing price pressures.
  • BSP Gov Medalla sought to discourage buying dollars way before use as he warned that it would add pressure to the beleaguered peso. He stopped short of announcing any measures to that effect, noting that the central bank will not raise any barriers to dollar purchases for domestic companies.