RIKSBANK CUTS POLICY RATE BY 25BP TO 3.5%

MNI: PBOC Net Drains CNY236.6 Bln via OMO Tuesday

China Repo Rates Rise On Tuesday

MNI: PBOC Sets Yuan Parity Lower At 7.1325 Tues; +2.12% Y/Y

CHINA PBOC CONDUCTS CNY149.1 BILLION VIA 7-DAY REVERSE REPOS TUES

July PPI Shows First Positive Intermediate Goods Inflation Since Apr'23

MNI: GERMANY JUL PRODUCER PRICES -0.8% Y/Y

Headline Consumer Sentiment Softens, House Price Expectations Rise Further

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Peso Remains On Softer Footing Despite Upbeat GDP Data

PHP

Post-FOMC impetus keeps spot USD/PHP afloat, despite an upbeat GDP report released out of the Philippines. The rate deals +0.125 at PHP51.428 at typing, with bulls looking to take out key resistance from PHP51.500. A clean break here would draw bullish attention to Mar 18, 2020 high of PHP51.823. Bears look for a pullback under Jan 26 low of PHP51.183.

  • USD/PHP 1-month NDF last +0.070 at PHP51.560. Initial bullish focus falls on Jan 18 high of PHP51.950. Bears look to a move through the 50-DMA, which kicks in at PHP50.857.
  • The Philippine economy grew faster than forecast in the final quarter of 2021, with expansion unexpectedly accelerating to +7.7% Y/Y. Consensus forecast pointed to a slowdown to +6.3% from the revised +6.9% recorded in Q3.
  • Econ Planning Sec Chua commented that "the door to our economic recovery is now fully open," adding that officials expect GDP to return to pre-Covid levels this year.
  • Elsewhere, the Philippines' trade deficit deepened in December, mostly on the back of a surprise jump in imports.
BulletEM BulletEmerging Market NewsHomepage
BulletEM BulletEmerging Market NewsHomepage

To read the full story

Close

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.