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Peso Struggles For Clear Direction, CPI To Grab Attention Friday

PHP

Spot USD/PHP trades flat at PHP55.735 and a familiar technical picture remains in play. A move through Jul 28 high of PHP55.975 would bring the record high of PHP56.500 into view. Bears eye Jul 29 low of PHP55.057 for initial support, with the 50-DMA providing the next layer of support at PHP54.709.

  • USD/PHP 1-month NDF last -0.020 at PHP55.840. Bears look for losses past Jul 29 low/50-DMA at PHP55.170/54.851. Bulls set their sights on Jul 28 high of PHP56.060 & record high of PHP56.740.
  • Wednesday saw the benchmark PSEi index cross above its 50-DMA for the first time since early March, while overseas investors were net buyers of local stocks for the second consecutive day. Topside momentum has petered out this morning, with the index erasing its initial uptick.
  • Reminder that Philippine inflation data will hit the wires tomorrow. It is expected that headline inflation stayed at +6.1% Y/Y in July, according to a Bloomberg survey. Note that earlier this week BSP Gov Medalla suggested that inflation may have peaked in July.
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