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Free AccessPeso Struggles Ahead Of BSP Policy Review
Spot USD/PHP changes hands +0.157 at PHP56.000 as the peso underperforms in emerging Asia ahead of Thursday's BSP monetary policy review. Bulls look for a rally towards historic highs of PHP56.500. Bears look for a retreat under the 50-DMA, which intersects at PHP55.183.
- USD/PHP 1-month NDF trades +0.030 at PHP56.120. Bulls see the all-time high of PHP56.740 as their initial target, while bears look for a dip through the 50-DMA at PHP55.316.
- Philippine overseas cash remittances rose 4.4% Y/Y in June, beating the consensus forecast of +3.5%.
- The PSEi rose for a sixth consecutive day on Monday, its longest winning streak in 9 months. It is on track to extend this bullish run as the index has climbed today, approaching the 50% retracement of the Feb - Jun sell-off. Global funds were net buyers of Philippine stocks on Monday.
- Most analysts expect Bangko Sentral ng Pilipinas to raise the key policy rate by 50bp this week as the Monetary Board is set to decide between the expected outcome and a more modest 25bp hike.
- A Bloomberg survey of economists showed that the BSP is expected to raise its main interest rate by a cumulative 75bp bringing it to 4.0% by the quarter-end before hitting pause in Q4.
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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.