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Round Figures

PHP

Spot USD/PHP is hitting another round-figure ceiling and this time it is PHP53.500. The rate last deals at PHP53.471, little changed on the day, after the aforesaid level capped its early advance.

  • The topside was earlier limited by PHP52.500 and PHP53.000, suggesting that Bangko Sentral might be participating in the market to prevent excessive peso depreciation. Both of these levels eventually succumbed to market pressure.
  • Should PHP53.500 give way, bulls could set their sights on Oct 23, 2018 high of PHP53.923, followed by another round figure at PHP54.000. Conversely, bears look for losses past PHP53.000.
  • 1-month NDF last +0.040 at PHP53.670. Clearance of PHP53.740 (yesterday's high) would open up PHP54.000. Bears keep an eye on Jun 13 low of PHP53.000.
  • Bangko Sentral ng Pilipinas issued a statement Thursday, vowing to "undertake necessary action to ensure" monetary policy settings are appropriate after the Fed raised interest rates by 75bp.
  • Reminder that the BSP holds its monetary policy meeting next Thursday and its leaders flagged potential for a hike. The question seems to be not whether they raise rates but by how much.
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