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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.
PHP
Philippine July CPI matched expectations and spot USD/PHP trades virtually unch. at PHP49.773 at typing, having given away its earlier gains. Bears look for a deeper sell-off past yesterday's low of PHP49.605, which would open up Jul 2 low of PHP49.085. Meanwhile, bulls would be pleased by a rebound towards Jul 28/19 highs of PHP50.490/50.496.
- USD/PHP 1-month NDF last seen -0.030 at PHP49.860, with bears looking for a dip through Aug 3 low of PHP49.680. Bulls see Jul 27 high of PHP50.730 as their initial target.
- Headline consumer-price inflation slowed to +4.0% Y/Y, the upper bound of Bangko Sentral ng Pilipinas' target range, from +4.1% prior. Core CPI rose +2.9%, while inflation in the NCR registered at +3.2%.
- BSP Gov Diokno reiterated his familiar position, noting that CPI is expected to ease back to within the target range by the year-end. The official added that non-monetary intervention will be crucial in tempering inflation.
- The central bank said yesterday that "further adjustments on the RRR remain on the table," while the long-run goal is to bring the RRR to single digits.
- Looking ahead, the Philippine Statistics Authority will release June trade data tomorrow. Worth flagging in advance that next week's docket features GDP data and BSP MonPol decision.
Fig. 1: Philippines Annual CPI Inflation Rates (%)
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.
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