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Peso Stable, Local Equities Find Poise

PHP

Spot USD/PHP operates below neutral levels, last -0.055 at PHP55.650, as post-FOMC impetus outweighs concerns about the fallout from an earthquake which shook the Luzon island on Wednesday.

  • From a technical perspective, a drop in spot USD/PHP under Jul 26 low of PHP55.315 would bring the Jun 29 low of PHP54.600 into view. Bulls look for a rebound towards all-time highs at PHP56.500.
  • USD/PHP 1-month NDF last +0.110 at PHP55.740. Topside technical focus falls on Jul 14 record high of PHP56.740, while losses past Jul 26 low of PHP55.420 would clear the way to Jun 28 low of PHP54.740.
  • The benchmark PSEi index has extended yesterday's gains this morning, even as data from the local bourse showed that overseas investors were net sellers of Philippine stocks on Wednesday, for the fifth day in a row.
  • Philippine authorities confirmed 4 deaths and 60 people wounded in a strong earthquake that shook the nation's largest island on Wednesday, triggering landslides and damaging buildings. The government said it was ready to disburse funds to affected areas, but but saw no need to declare a state of national calamity.
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