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US Stock Futures Look to Test Week's Lows Ahead of NY Open

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Spot USD/PHP rangebound this morning, last trades at PHP50.824, little changed on the day. Bulls set their sights on the nearby round figure/Sep 27 high of PHP51.000/51.036. Conversely, a fall through the 50-DMA/Oct 8 low at PHP50.389/50.385 would be a positive sign for bears.

  • USD/PHP 1-month NDF last seen +0.010 at PHP50.950. Bulls look to a move through Sep 27 high of PHP51.520, while bears would be pleased by a sell-off past the 50-DMA at PHP50.509, sandwiched between Oct 18 & Oct 7 lows.
  • BSP Gov Diokno treaded familiar paths in is latest address, noting that "continued monetary policy support remains crucial" to stimulate economic recovery. The official reiterated Bangko Sentral's view on inflation, adding that they have a full range of toops at their disposal, including FX interventions to smoothen volatility.
  • Speaking on the same occasion, Dep Gov Dakila noted that during the pandemic era BSP have injected liquidity to the financial system worth ~13% of GDP. The central bank expects that inflation will moderate into the target range next year, giving the Philippines some space to absorb oil price increases.
  • Elsewhere, the minutes from BSP's most recent monetary policy meeting revealed that policymakers see risks to the inflation outlok skewed towards the upside this year, but balanced in 2022 and 2023.
  • The Philippines' budget balance will hit the wires at some point today, there is no fixed time of the release.
  • Elsewhere, the Health Dept told CNN Thursday that Metro Manila might be moved to Alert Level 2 soon if daily Covid-19 cases continue to decline this week.