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Peso Slips Ahead Of BSP Monetary Policy Review

PHP

Spot USD/PHP trades +0.145 at PHP57.500, with bulls looking for further gains towards the PHP59 all-time high that may have been defended by FX interventions. Bears see the 100-DMA at PHP57.001 as their initial target.

  • USD/PHP 1-month NDF last +0.09 at PHP57.54. On the topside, eyes are on the 50-DMA, which kicks in at PHP58.38. Bears look to force their way through the 100-DMA at PHP57.25.
  • Pres Marcos reiterated that food security must be the gov't's top priority. Food prices remain the key driver of headline inflation amid adverse weather conditions.
  • Local media reported that Marcos will meet with Chinese President Xi on the sidelines of the APEC summit to discuss disputes over the contested parts of South China Sea (West Philippine Sea).
  • Bangko Sentral ng Pilipinas is expected to raise its policy rate by 75bp after guiding to that effect in the wake of the most recent FOMC meeting. Click here to see our full preview.
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