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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.
PHP
Spot USD/PHP has inched higher this morning and last deals +0.103 at PHP49.348, with the peso showing some weakness after the release of below-forecast Philippine CPI. The rate has pierced yesterday's cycle high of PHP49.325 and bulls now take aim at Jul 23, 2020 high of PHP49.467. Bears keep an eye on the low print of Jun 29 at PHP48.460.
- USD/PHP 1-month NDF last unch. at PHP49.480. Bears look for a dip through Jul 2 low of PHP48.930, towards the 100-DMA/Jun 28 low at PHP48.487/48.439. Bulls need a clearance of Jul 2 high of PHP49.600, before targeting Jul 13, 2020 high of PHP49.780.
- Philippine consumer-price inflation eased more than expected to +4.1% Y/Y in June from +4.5% recorded in March, April & May. Core CPI rose 3.0% Y/Y vs. 3.3% prior, while consumer prices in the NCR area grew 3.2% Y/Y after a 3.6% increase seen previously.
- BSP Gov Diokno said that CPI could remain above the target range of +2.0%-4.0% Y/Y in near term and is expected to settle at its upper end this year. The off'l reiterated that non-monetary measures will be key in easing supply-side pressures.
- The Dept of Health said they are hoping that NCR residents will achieve population protection against Covid-19 by November, adding that this target can be met if jabs are quickly administered to most vulnerable groups.
- Focus in the Philippines turns to the local trade report, due for release on Friday.
Fig. 1: Philippine CPI Y/Y (%)
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.
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