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Peso Rangebound Ahead Of BSP Policy Decision

PHP

Spot USD/PHP trades -0.022 at PHP51.268, holding a fairly tight range thus far. Bears look for a slide through Feb 10 low of PHP51.210 before setting their sights on Feb 3/Jan 5 lows of PHP50.920/50.900. Conversely, bulls keep an eye on familiar key resistance from PHP51.500, associated with recent BSP interventions.

  • USD/PHP 1-month NDF last -0.060 at PHP51.350. Bearish focus falls on Feb 1 low of PHP50.830, while bulls look to a jump above Feb 8 high of PHP51.780.
  • The Monetary Board of Bangko Sentral ng Pilipinas will conclude their first meeting of 2022 today but Governor Diokno has virtually ruled out tightening policy in short order (see our preview for more colour on the matter).

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