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Peso Slips After Data Shows Trade Deficit Widened In October

PHP

Spot USD/PHP trades +0.013 at PHP50.298 after the release of local data which showed an expansion in trade deficit. Bulls look to a further rally past Nov 26 high of PHP50.558, which would shift focus to Nov 22 high of PHP50.765. Bears need a fall through yesterday's low of PHP50.198 towards Nov 15 low of PHP49.775.

  • USD/PHP 1-month NDF last seen unch. at PHP50.430. Downside focus falls on Dec 6 low of PHP50.160, followed by Nov 12 low of PHP49.820. Bulls need a clearance of Dec 2 high of PHP50.700 before taking aim at Nov 23/Nov 3 & 4 highs of PHP50.890/50.920.
  • Philippine trade deficit unexpectedly widened to $4.017bn in October from $3.995bn prior, as exports growth missed expectations and printed at +2.0% Y/Y. Imports growth was also slower than forecast, albeit missed market estimate by a smaller margin.
  • The minutes from the Philippine central bank's most recent policy meeting revealed policymakers' view that employment quality "shows a rather slow recovery" with recent job gains mostly "low skilled and non remunerative."
  • Governor Diokno assured that the central bank "remains committed to provide the appropriate policy support" to ensure sustainable economic recovery.
  • Worth noting that Bangko Sentral ng Pilipinas will deliver their next monetary policy decision on Thursday.
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