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Political Machinations Take Focus Ahead Of BSP Decision

PHP

Spot USD/PHP has crept higher, in the wake of overnight USD purchases flagged earlier. The rate last sits +0.055 at PHP50.380, approaching the 50-DMA at PHP50.467. A break above that moving average would open up PHP50.620, which capped gains on Nov 4 & 5. Bears look for a retreat under Nov 15 low of PHP49.775.

  • USD/PHP 1-month NDF last -0.010 at PHP50.460. Bears keep an eye on Nov 12 low of PHP49.820, with bulls looking for a jump above Nov 3 & 4 highs of PHP50.920.
  • Presidential hopeful Ferdinand "Bongbong" Marcos and vice-presidential candidate Sara Duterte-Carpio confirmed that they will be running as a tandem in 2022 elections.
  • Bangko Sentral ng Pilipinas will deliver their monetary policy decision tomorrow. See our usual preview for more colour.
  • Worth noting that the Bank of the Philippine Islands said they don't see BSP hiking their key interest rate until after the presidential election slated for May 2022.
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