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Philippine Unemployment Jumps, Factory-Gate Deflation Accelerates

PHP

Spot USD/PHP has ebbed lower despite an uptick in Philippine unemployment rate and last operates -0.020 at PHP50.840 after struggling to stage a clean break above the PHP51.000 figure. Bears look for a pullback under Sep 24 low/50-DMA at PHP50.247/50.220, while bulls would be pleased by a rebound above Sep 27 high of PHP51.036.

  • USD/PHP 1-month NDF last -0.100 at PHP50.990. Bears see the 50-DMA at PHP50.346 as their initial target, while bulls look to a move through Sep 27 high of PHP51.520.
  • Philippine unemployment rate jumped to 8.1% in August from 6.9% recorded in July amid tighter Covid-19 restrictions implemented in Metro Manila that month and an expansion in participation. The labour force participation rate rose to 63.6% from 59.8%.
  • Elsewhere, Philippine PPI inflation registered at -1.8% Y/Y in August after printing at -1.7% in July.
  • Participants look ahead to Markit M'fing PMI, due for release tomorrow. Elsewhere, BSP Gov Diokno will hold his weekly briefing today, while the central bank will unveil their Sep inflation forecast.
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