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Coming up in the Asia-Pac session on Friday

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SCHATZ TECHS

(M3) Holding Above Support

ASIA FX

Firmer, But Some SEA Currencies Outperforming NEA

EURUSD TECHS

Remains Above Support

AUSSIE BONDS

Weaker But Off Cheaps As U.S. Tsys Twist Flatten

BOBL TECHS

(M3) Still Looking For Gains

EQUITIES

HK/China Tech Plays Lead The Region Higher

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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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