Free Trial

Peso Tad Softer In Line With Regional Trend

PHP

Spot USD/PHP trades +0.085 at PHP55.410, still within the confines of yesterday's range. From a technical perspective, bulls look for an advance towards record highs at PHP56.500, while bears keep an eye on the 50-DMA at PHP54.575.

  • USD/PHP 1-month NDF last +0.020 at PHP55.510. Topside focus falls on Jul 28 high of PHP56.060, a break here would expose the ATH at PHP56.740. Bears look for a sell-off past Jun 28 low/50-DMA at PHP54.740/54.712.
  • Overseas investors were net sellers of Philippine shares on Monday, shedding net PHP288.4mn worth of stocks. Still, the benchmark PSEi Index clawed back losses into the close, with topside momentum carrying over into the next trading session. The PSEi last sits at 6,334 (+0.35%) with the index struggling to break above its descending 50-DMA.
  • Philippine Statistics Agency will publish the latest CPI report this Friday. Headline inflation is expected to have stayed at +6.1% Y/Y in July, according to Bloomberg consensus forecast.

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.