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Free AccessPeso Slips As Expansion In M'fing Sector Slows, BSP Looks To Revise CPI Forecasts
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.
To read the full story
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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.