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PHILIP Curve Steady, PHP Weakens Ahead Of Thursday Rate Decision

PHILIPPINES
The focus in the Philippines today has been on the weakening currency, with the USDPHP up 0.63% today and now eyeing 58.00, which has been seen as the latest line in the sand for the central bank to defend, the weakening currency will become an issue for the BSP ahead of their rate decision on Thursday, the consensus is for rates to left unchanged.
  • The PHILIP curve is little changed today, yields are 2-3bps higher. The 2Y yield is unchanged at 5.185%, the 5Y yield is 1.5bps higher at 5.205%, 10Y is 2bps higher at 5.32%, while the 5Y CDS is 1bp lower at 64.5bps.
  • The PHILIP to UST spread difference 2y now 32.5bps (-3bps) the 5yr is now 70bps (unchanged) the 10yr is steady at 83.5bps (unchanged).
  • Cross-asset moves: The USD/PHP is down 0.62% at 57.789, PSEi Index is up 1.52%, while US tsys yield are flat to 1bps lower.
  • Looking Ahead; BSP Overnight Borrowing Rate On Thursday
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