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PHILIP Curve Flattens, Currency Intervention

PHILIPPINES
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
  • The PHILIP curve has bear-flattened today with the 2Y yield up 4bps at 5.28%, 5Y yield is 4bps higher at 5.44%, 10Y yield is 3.5bps higher 5.55%, while 5yr CDS is unchanged at 69bps.
  • The Philip to US Treasury spread difference has widened with the 2y is 30bps (+4bps), the 5yr is 73bps (+4bp), while the 10yr is 86bps (+3.5bp).
  • Cross-asset moves: The USD/PHP is up 0.07% at 57.85, the PHP trades just off mulit-year lows, PSEi Index is up 0.1%, while US Tsys yields are 0.5-1bps lower.
  • Philippine central bank Governor Eli Remolona has indicated readiness to stabilize the peso amid its decline to 17-month lows against the dollar, citing concerns about potential inflationary risks from the currency's weakness amidst escalating tensions in the Middle East and a stronger US dollar.
  • Looking Ahead, this is little on the calendar for the remainder of the month.
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  • The PHILIP curve has bear-flattened today with the 2Y yield up 4bps at 5.28%, 5Y yield is 4bps higher at 5.44%, 10Y yield is 3.5bps higher 5.55%, while 5yr CDS is unchanged at 69bps.
  • The Philip to US Treasury spread difference has widened with the 2y is 30bps (+4bps), the 5yr is 73bps (+4bp), while the 10yr is 86bps (+3.5bp).
  • Cross-asset moves: The USD/PHP is up 0.07% at 57.85, the PHP trades just off mulit-year lows, PSEi Index is up 0.1%, while US Tsys yields are 0.5-1bps lower.
  • Philippine central bank Governor Eli Remolona has indicated readiness to stabilize the peso amid its decline to 17-month lows against the dollar, citing concerns about potential inflationary risks from the currency's weakness amidst escalating tensions in the Middle East and a stronger US dollar.
  • Looking Ahead, this is little on the calendar for the remainder of the month.