Free Trial
USDCAD TECHS

Impulsive Rally Extends

US TSYS

Late Eurodollar/SOFR/Treasury Option Roundup

EURJPY TECHS

Price Is Below The 50-Day EMA

US

Late Corporate Credit Update

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

Peso Slips As Expansion In M'fing Sector Slows, BSP Looks To Revise CPI Forecasts

PHP

Spot USD/PHP trades +0.240 at PHP55.390, with the peso likely weighed on by a slowdown in the expansion of Philippine manufacturing activity & the imminent downward revision to BSP inflation projections. Bulls look for gains towards the PHP56.500 ATH, while bears would be pleased by a move through the 50-DMA at PHP54.514.

  • USD/PHP 1-month NDF last +0.060 at PHP55.490. A break above Jul 28 high of PHP56.060 would expose Jul 14 record high of PHP56.740. Bears look for a slide through Jun 28 low/50-DMA at PHP54.740/54.650.
  • Expansion in the Philippines' manufacturing sector slowed in July, the latest S&P Global PMI survey showed. Headline index fell to 50.8 from 53.8 recorded in June, which "adds caution to the air as inflationary pressures continue to heat up."
  • After local hours Friday, BSP Gov Medalla said that the central bank "in all likelihood" will revise downward its inflation projections for 2023 and 2024 from the current +4.2% Y/Y & +3.3% Y/Y respectively.
  • Lending activity continued to grow in June, latest data from the BSP showed. Outstanding loans net of RRPs rose 12.0% Y/Y, accelerating from May's 10.7%.
  • Participants look ahead to the release of Philippine CPI data on Friday.
191 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.

Spot USD/PHP trades +0.240 at PHP55.390, with the peso likely weighed on by a slowdown in the expansion of Philippine manufacturing activity & the imminent downward revision to BSP inflation projections. Bulls look for gains towards the PHP56.500 ATH, while bears would be pleased by a move through the 50-DMA at PHP54.514.

  • USD/PHP 1-month NDF last +0.060 at PHP55.490. A break above Jul 28 high of PHP56.060 would expose Jul 14 record high of PHP56.740. Bears look for a slide through Jun 28 low/50-DMA at PHP54.740/54.650.
  • Expansion in the Philippines' manufacturing sector slowed in July, the latest S&P Global PMI survey showed. Headline index fell to 50.8 from 53.8 recorded in June, which "adds caution to the air as inflationary pressures continue to heat up."
  • After local hours Friday, BSP Gov Medalla said that the central bank "in all likelihood" will revise downward its inflation projections for 2023 and 2024 from the current +4.2% Y/Y & +3.3% Y/Y respectively.
  • Lending activity continued to grow in June, latest data from the BSP showed. Outstanding loans net of RRPs rose 12.0% Y/Y, accelerating from May's 10.7%.
  • Participants look ahead to the release of Philippine CPI data on Friday.