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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.
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