Peso Weakens On Eve Of BSP Rate Decision
Spot USD/PHP deals +0.222 at PHP57.450, with bulls looking for a renewed move towards the PHP59 all-time high as bears keep an eye on the PHP56.974 100-DMA. USD/PHP 1-month NDF last +0.20 at PHP57.47, which sees bulls targeting the 50-DMA at PHP58.369 and bears taking aim at the 100-DMA at PHP57.222.
- Offshore players were net buyers of $9.14mn in Philippine stocks Tuesday. The PSEi index refreshed two-month highs, before losing momentum today. The index last trades ~0.2% below neutral levels.
- The announcement of Bangko Sentral ng Pilipinas' monetary policy decision is slated for tomorrow, but Governor Medalla guided that the Monetary Board would enact a 75bp rate hike. He is expected to make good on that promise.