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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.
PHP
Spot USD/PHP trades +0.228 at PHP55.853 at typing, with bulls looking to a move through Jul 28 high of PHP55.975. This would open up historic highs at PHP56.500. Bears look for a dip through the 50-DMA, which intersects at PHP55.120.
- USD/PHP 1-month NDF last +0.260 at PHP56.000. The high print of Jul 28 at PHP56.060 provides the initial topside target. Bears keep an eye on the 50-DMA at PHP55.250.
- Global funds were net sellers of Philippine stocks last Friday, shedding a net $105.2mn in local equities in the largest outflow since May 24.
- Governor Medalla suggested that Bangko Sentral ng Pilipinas will decide between a 25bp and a 50bp rate hike this week. Bloomberg consensus calls for an outsized move this Thursday, albeit 4/15 analysts expect a smaller rate rise.
- Medalla said over the weekend that the economy is "strong enough" to weather monetary policy tightening, adding that "monetary policy settings will remain supportive of economic growth and financial stability."
- Elsewhere, overseas cash remittances are expected to hit the wires in the coming days.
Fig. 1: Philippine Stock Exchange Net Foreign Stock Investment ($mn)
Source: MNI - Market News/Bloomberg
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.
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