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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.
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