Peso Remains In Close Proximity To Multi-Month Lows

Spot USD/PHP has stabilised around the round figure of PHP51.000, last sits right at that level, little changed on the day. Bulls need a clearance of Sep 27 high of PHP51.036, which would turn focus to Mar 18, 2020 high of PHP51.823. Conversely, a retreat under Sep 24 low/50-DMA at PHP50.247/50.213 would give bears some reprieve.

• USD/PHP 1-month NDF last seen -0.090 at PHP51.230. Bears keep an eye on the 50-DMA at PHP50.333, while bulls look to a move through Sep 27 high of PHP51.520.
• BSP Director Abenoja said Tuesday that the spike in consumer-price inflation is driven by supply-side factors and can be best tackled by non-monetary measures rather than raising interest rates. Gov Diokno noted during the same presser that the central bank sees "green shoots of recovery" and the economy may return to pre-Covid levels in 2H2022.
• The Philippine Statistics Agency will release jobs market data today, with Markit M'fing PMI coming up on Friday.
• On a side note, Philippine Commission on Elections Chair Abas told CNN Philippines this morning that the voter registration for the 2022 election would reopen for additional three weeks between Oct 9 to 31.