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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.
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