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PHP Maintains Low Beta To Broader USD Moves, BSP Reiterates Hawkish Bias

PHP

USD/PHP sits slightly lower for the session, last near 56.75, around 0.15% stronger in PHP terms. This is underperforming higher beta plays in the region amid fresh USD softness, but we continue to track recent ranges.

  • The simple 50-day MA is close by but arguably has less focus given the well worn 56.50-57.00 ranges remain firmly in place.
  • Local news flow remains focused on tensions in the South China Sea.
  • Earlier comments from Deputy BSP Governor Dakila struck a familiar tone. The central bank is watching CPI trends, it remains hawkish and won't cut rates until it is confident inflation is back in target (see this BBG link). Note the next CPI release is due on November 7.
  • In the cross asset space, local equities are struggling to rebound, but haven't tested September lows around 6000 yet (last near 6072).
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