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Spot USD/PHP Hits Record Highs As Onshore FX Trading Resumes

PHP

Spot USD/PHP has surged as Philippine markets restarted after a one-day pause caused by a typhoon. Strong risk-off mood and higher U.S. Tsy yields pushed USD crosses higher on Monday as the BBDXY index printed record highs.

  • Spot USD/PHP last deals +0.465 at PHP58.960, a fresh all-time high. A pullback under the 50-DMA (PHP56.397) would give bears some reprieve. USD/PHP 1-month NDF last -0.070 at PHP59.080, with bears also setting their sights on the 50-DMA (PHP56.580).
  • Econ Planning Sec Balisacan said damage from the super typhoon is not at a level that would prompt the authorities to change the +6.5%-7.5% Y/Y growth target for this year.
  • Head of IMF mission to the Philippines said the BSP has sufficient foreign reserves for an FX intervention, which could alleviate inflationary pressures and relieve some pressure on monetary policy.
  • Philippine budget balance and bank lending data are expected to cross the wires in the coming days.
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Spot USD/PHP has surged as Philippine markets restarted after a one-day pause caused by a typhoon. Strong risk-off mood and higher U.S. Tsy yields pushed USD crosses higher on Monday as the BBDXY index printed record highs.

  • Spot USD/PHP last deals +0.465 at PHP58.960, a fresh all-time high. A pullback under the 50-DMA (PHP56.397) would give bears some reprieve. USD/PHP 1-month NDF last -0.070 at PHP59.080, with bears also setting their sights on the 50-DMA (PHP56.580).
  • Econ Planning Sec Balisacan said damage from the super typhoon is not at a level that would prompt the authorities to change the +6.5%-7.5% Y/Y growth target for this year.
  • Head of IMF mission to the Philippines said the BSP has sufficient foreign reserves for an FX intervention, which could alleviate inflationary pressures and relieve some pressure on monetary policy.
  • Philippine budget balance and bank lending data are expected to cross the wires in the coming days.