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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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