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Philippine Markets Return, Spot PHP Likely To Play Catch Up With USD Weakness

PHP

Note that Philippine markets return today after a two day break. On Tuesday USD/PHP ended at 56.73. Since then, the BBDXY has fallen roughly 0.70% post the FOMC and a further recovery in global risk appetite in the equity space.

  • The 1 month NDF closed at 56.55 in NY on Thursday, but will be guided by earlier spot impetus when markets return today.
  • For spot USD/PHP focus will be on earlier October lows back near 56.55, below that is the early September lows at 56.495. A break sub these levels could see mid August lows at ~56.10 potentially targeted.
  • We had the October PMI print a short while ago. It is not typically a market mover, but it rose to 52.4 from 50.6. This is the highest levels since March of this year.
  • At the margin this suggests that economic momentum is holding up reasonably well post the recent hawkish shift from the BSP.
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