MNI: POWELL SAYS PCE INFLATION CAME IN LINE WITH EXPECTATIONS

MNI China Daily Summary: Friday, March 29

MNI: PBOC Injects Net CNY148 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.0950 Fri; -4.70% Y/Y

CHINA PBOC INJECTS CNY150 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.0950 FRI VS 7.0948

MNI: US FEB PERSONAL INCOME +0.3%; NOM PCE +0.8%

HICP Tracking at 2.4%Y/Y - One tenth below consensus

HICP 2 tenths softer than expected, but partly on clothing prices

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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Peso Struggles Despite BSP's Promise To Match Fed's Hike

PHP

Spot USD/PHP has advanced in the wake of Wednesday's monetary policy decision in the U.S., even as the local central bank vowed to match the Fed's move. The pair operates +0.250 at PHP58.730. Topside technical focus falls on the PHP59 record high, while bears look for a breach of the 50-DMA (PHP57.892), which provided support earlier this week.

  • USD/PHP 1-month NDF last +0.16 at PHP58.83. Bulls keep an eye on the PHP59.46 all-time high, while bears look for losses past the 50-DMA, which kicks in at PHP58.18.
  • Bangko Sentral ng Pilipinas will need to match the Fed's 75bp rate hike at its meeting on November 17, Governor Medalla told reporters today. He emphasised that the impending rate rise will not be "off cycle," since it takes effect after the next scheduled policy review.
  • Foreign investor were net buyers of $9.95mn in Philippine stocks Wednesday. The PSEi trimmed its initial losses and remains heavy today, losing 1.4% so far on turnover that tops its 15-DMA.
  • The Philippine Statistics Authority will publish the latest CPI & trade data tomorrow.
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