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Peso Slips On Risk Aversion, Dovish BSP Comments

PHP

Spot USD/PHP trades +0.093 at PHP51.208 amid risk aversion linked to the threat of a Russian invasion into Ukraine. Bullish focus remains on key resistance from PHP51.500, while bears keep an eye on Feb 3/Jan 5 lows of PHP50.920/50.900.

  • USD/PHP 1-month NDF last +0.090 at PHP51.320. Bulls keep an eye on Feb 21/8 highs of PHP51.750/51.780, with bears looking for a dip through Feb 1 low of PHP50.830.
  • BSP Gov Diokno reiterated that the timing of Bangko Sentral ng Pilipinas' policy exit remains uncertain as it is "prudent to leave some room for flexibility in policy making." He stressed that the central bank remains committed to support economic recovery for as long as necessary.

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