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Peso Sticks To PHP59 Line In Sand

PHP

Spot USD/PHP trades at PHP58.954, little changed on the day. 1-Month NDF last seen +0.090 at PHP59.120. Familiar technical picture remains in play.

  • Foreign investors sold a net $6.16mn in Philippine stocks Thursday. The PSEi fell 1.5% on the highest turnover since Sep 16 after backing off the 6,200 mark. The index has extended losses this morning and last deals 0.3% lower on the day.
  • There seems to be growing conviction that the BSP has drawn a line in the sand at PHP59.000, possibly to prevent USD/PHP from challenging the psychologically significant round figure above. While Bangko Sentral said it does not target specific levels, it admitted being "very active" in currency markets, while spot USD/PHP has been capped at the all-time high of PHP59 in the past few weeks.
  • The Philippines' budget balance will hit the wires next Wednesday.

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