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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
PHP
USD/PHP sits at 56.93, which is down from earlier highs near 56.98. Lows for the session sit just under 56.90. The near term focus remains on whether we can test above the 57.00 level, which has been a resistance point in recent months and a likely BSP intervention zone (something hinted at in terms of recent official rhetoric).
- Some relief has come through for PHP in recent dealings, with USD/CNY moving lower post PBoC comments. Broader USD sentiment has also stabilized somewhat, with the BBDXY back to 1267.3, versus earlier highs near 1268.
- Still, focus remains on upside USD/Asia momentum more broadly amidst a relentless rise in US real yields. The chart below plots spot USD/PHP against the real US 10yr yield.
- In the cross asset space, equities are ticking up again, +0.25%, after yesterday's strong 1.48% gain. Still, foreign investors were large net sellers yesterday (-$266mn).
- Philippines President Marcos has stated now is not the right time to cut rice import tariffs. He also stated that the cap on domestic rice prices, introduced on Sep 5 will remain in place (see this link).
Fig 1: USD/PHP Spot Versus US Real 10yr Yield
Source: MNI - Market News/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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