MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: ECB Should Be Close To 2% In Next Quarters -Centeno

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI: US NOV IMPORT PRICES +0.1%

MNI: CANADA Q3 INDUSTRIAL CAPACITY UTILIZATION RATE 79.3%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Peso Tad Firmer In The Wake Of Hawkish Official Commentary

PHP

Spot USD/PHP trades -0.065 at PHP58.805, ticking away from the PH59 level which has provided firm resistance recently (the gov't drew a line in the sand at PHP60). Bears look for a slide through Oct 5 low of PHP58.395.

  • USD/PHP 1-month NDF last -0.060 at PHP58.910. Bears set their sights on Oct 5 low of PHP58.520, while bulls look to a move through the all-time high of PHP58.460.
  • Bangko Sentral ng Pilipinas flexed its rate-hike muscles as Gov Medalla suggested that more aggressive tightening may be on the table. The Governor said that "there's a threshold where [peso depreciation] becomes very political so it's good to act before it becomes too political," with 100bp worth of rate hikes possible through the year-end. The BSP may also need to match the Fed's move if it's another 75bp hike, with narrowing U.S./Philippines yield differential accentuating gains in USD/PHP.
  • Speaking at the same event Monday, FinSec Diokno flagged hawkish inclinations and said the gov't wouldn't like to see USD/PHP crossing the PHP60 threshold.
  • Offshore investors sold a net $3.76mn in Philippine stocks Monday, while the PSEi edged higher, extending gains this morning, albeit at a slow clip.
  • The Philippines will report September budget balance tomorrow.
BulletEM BulletEmerging Market NewsHomepage
BulletEM BulletEmerging Market NewsHomepage

To read the full story

Close

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.