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Peso Underperforms On Return From Holiday, BSP Sees Need To Smoothen FX Moves

PHP

Spot USD/PHP last operates +0.215 at PHP58.195 as local markets re-open after a long weekend. Topside technical focus falls on the all-time high of PHP59.000, while bears look for a renewed attack at the 50-DMA, which limited losses last Friday. The moving average last intersects at PHP57.829.

  • USD/PHP 1-month NDF last sits -0.010 at PHP58.280. On the downside, the initial target is provided by the 50-DMA at PHP58.123. Bulls take aim at the record high of PHP59.460.
  • The BSP released a statement based on Gov Medalla's speech at a recent event, pointing to the need to smoothen FX moves. The central bank had repeatedly said that it was participating in the currency market.
  • S&P Global M'fing PMI slipped to 52.6 last month from 52.9 prior. Expansion in the sector continued amid improving demand conditions, albeit supply-side constraints and global inflationary pressures weighed.
  • Philippine CPI and trade balance will take focus later this week, both are due Friday. The BSP said earlier this week that inflation this month may print at +7.1%-7.9% Y/Y.
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