Free Trial

Peso Weakens Despite Overseas Remittances Beat

PHP

Spot USD/PHP has edged higher after finding a base at PHP57.150 two days earlier and last changes hands +0.124 at PHP57.419. Bulls look for further gains towards the PHP59 all-time high, while bears keep an eye on PHP57.150, followed by the 100-DMA at PHP56.946.

  • USD/PHP 1-month NDF last +0.20 at PHP57.41. Topside focus falls on the 50-DMA at PHP58.365, with Nov 3 high coming up next at PHP59.05. Initial layer of support has been defined at PHP57.20, the 100-DMA.
  • Foreign investors were net buyers of $11.91mn in Philippine stocks Monday, with the PSEi closing above its 100-DMA for the first time since mid-September. The index has extended gains this morning and last sits 0.16% higher on the day.
  • The Philippines overseas cash remittances rose 3.8% Y/Y in September, beating the consensus forecast of +3.6%. In absolute terms, September remittances were $2.840bn in September versus $2.721bn in August.
  • The BSP guided that it will raise the policy rate by 75bp this week and is widely expected to make good on this promise.

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.