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Resurgent USD Keeps USD/PHP In Familiar Ranges

PHP

USD/PHP has firmed in the first part of today's trade. The pair was last at 56.815, down slightly from highs of 56.855. We closed yesterday at 56.67, losing around 0.25% in PHP terms so far today. This keeps the pair comfortably within the rough 56.50/57.00 range seen the early part of August.

  • Local news flow has been fairly light, while the domestic data calendar has been empty. Remittances data is out next Monday for August. The overall BoP position is out next Thursday.
  • The focus domestically will remain on interest rate risks, with BSP eyeing the early Nov Fed meeting. Even if the BSP matches any Fed renewed hawkishness it may not be enough to curb PHP weakness, although 57.00 remains a firm resistance point at this stage.
  • In the equity space, we are largely drifting sideways for PCOMP. Offshore investors have been net sellers of local equities so far this week (-$59.7mn)
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