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Philippines Add Fiscal Aid For NCR Residents, BSP Decision Takes Focus

PHP

Spot USD/PHP has slipped ahead of the upcoming monetary policy decision from Bangko Sentral ng Pilipinas, with overnight greenback weakness linked to the latest U.S. inflation data applying some pressure to the rate. It last changes hands -0.021 at PHP50.389. A slide through Aug 4 low of PHP49.605 would shift focus to the 50-DMA at PHP49.325. On the flip side, a clean break above the psychological PHP50.500 barrier would bring May 18, 2020 high of PHP50.906 into view.

  • USD/PHP 1-month NDF last seen -0.050 at PHP50.560. A break under yesterday's low of PHP50.210 would open up Aug 3 low of PHP49.680. Topside focus falls on Aug 6 high of PHP50.870, followed by Jul 19 high of PHP51.390.
  • The Monetary Board are expected to leave monetary policy settings unchanged today, after Governor Diokno ruled out RRR cuts anytime soon. Click here to see our comprehensive preview of the decision.
  • The Philippine Dept of Budget and Management said that more Metro Manila residents will receive financial aid today or tomorrow, after the President approved releasing another PHP278mn in cash for the NCR. Officials are not looking for fund sources to release assistance to other cities placed under Enhanced Community Quarantine.
  • BSP announced Wednesday that they are easing access to FX for trade and non-trade transactions.
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