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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.
PHP
Spot USD/PHP has registered modest gains in early trade, catching up with overnight demand for the greenback, even as Philippine Jan CPI came in at +4.2% Y/Y, beating expectations of an unchanged pace of inflation of +3.5%.
- Consumer prices soared at the fastest pace since Jan 2019. Core inflation was 3.4% Y/Y, while inflation in the capital region printed at +4.3%.
- Headline CPI unexpectedly broke out of the BSP's forecast range of +3.3%-4.1% Y/Y and the central bank's inflation target of +2.0-4.0% Y/Y.
- Chief Philippine statistician commented that the price increase was driven by food and drinks, particularly meat and vegetables. As a reminder, Pres Duterte signed an order to cap pork & chicken prices for 60 days and it will take effect from Monday.
- Philippine Undersec Edillon said Thursday that the country's economic planning agency sees the unemployment rate at 7-9% in 2021 & 2022 vs. earlier target of 3-5% in 2022.
- In local politics, the opposition Liberal Party leader said that his deputy Leni Robredo may represent the party in the 2022 presidential contest.
- From the technical perspective, familiar lines in the sand remain. The rate sits at PHP48.083 at typing, slightly higher on the day & flirting with the 50-DMA. A break above Jan 28 high of PHP48.145 would inspire bullish hopes for a firmer topside move, while a dip through the PHP48.000 is needed to revive the bearish case.
- BSP will deliver its latest monetary policy decision next Thursday.
Source: MNI - Market News/Bloomberg
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.
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