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Market News Topics
October 03, 2022 01:42 GMT
Peso Struggles For Gains Despite Positive PMI Report
PHP
Spot USD/PHP sits +0.123 at PHP58.770, with bulls looking for gains towards all-time highs near PHP59.000. Bears keep an eye on the 50-DMA at PHP56.598.
- USD/PHP 1-month NDF unch. at PHP58.940. Bullish focus falls on the record high of PHP59.460, while bears look for losses towards the 50-DMA at PHP56.793.
- Foreign investors sold a net $17.79mn in Philippine stocks on the final day of September, while the PSEi traded on a heavier footing. The index has extended losses to a fresh cyclical low this morning.
- The BSP tightened guidelines on reporting FX transactions last Friday, which Governor Medalla said "can be read by many as our not being happy with what's going on with the exchange rate."
- The Philippines's S&P Global M'fing PMI rose to 52.9 in September from 51.2 prior, as "an increase in customer demand allowed production levels and factory orders to grow for the first time since June," while "inflationary pressures [...] moderated in the latest survey period."
- Looking ahead, inflation and jobs reports are due Wednesday and Thursday respectively.
To read the full story
Close
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.
Sign up now for free trial access to this content.
Please enter your details below.
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.
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