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Free AccessPeso Outperforms As BSP Talks Up Intervention Prospects & Rate Hike Outlook
The Philippine peso outperforms in emerging Asia as BSP Gov Medalla rattled the FX intervention sabre and signalled more rate hikes may be on the horizon after yesterday's 50bp increase.
- Medalla noted that the central bank is planning to become more active in FX markets after being "quite active" this week. He added that Bangko Sentral has other measures to tackle peso volatility and still has more space to tighten monetary conditions.
- Foreign investors sold a net $3.50mn in Philippine equities Thursday, while the PSEi lost some altitude, extending losses today to last trade ~1% lower.
- Spot USD/PHP last deals -0.140 at PHP58.350, with bears looking for a sell-off past Sep 13 low of PHP56.728. Topside focus remains on the PHP58.502 record high.
- USD/PHP 1-month NDF last -0.100 at PHP58.520. The low print of Sep 13 provides the initial bearish target at PHP56.700. Bulls keep an eye on PHP58.700, an all-time high.
- The peso remains the worst performer in the Asia EM basket this week, despite trimming some of those losses today.
- The White House's readout from U.S. Pres Biden's meeting with his Philippine counterpart Marcos said the POTUS "reaffirmed the U.S.' ironclad commitment to the defence of the Philippines" as the two discussed tensions in the South China Sea.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.