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USD/PHP Back Sub 58.00, BSP FX Rhetoric Picks Up, 20-day EMA At 57.75

PHP

USD/PHP is back sub 58.00, the pair las tin the 57.90/95 region. We are up around 0.30% in PHP terms so far today. Only KRW is up more in terms of Asia FX gains against the USD. Recent highs in the pair rest in the 58.25/30 region.

  • Outside of broader USD softness and some decline in yields, PHP gains may be reflective of increased focus from the central bank. Senior BSP Assistant Governor Sicat stated yesterday the weakness was only likely to be temporary, while the broad range expected for USD/PHP was 55.00-58.00 (the central bank said in its monetary policy report for May).
  • Still, a sense that the BSP may ease before the Fed, with Finance Secretary Recto stating yesterday the first cut may come in Q3, could keep USD/PHP dips supported.
  • USD/PHP bears could target a pullback to the 20-day EMA, around the 57.75. This support zone held through the first half of May. The 50-day EMA is further south at 57.23.
  • The data calendar is empty until the end of the week, when April bank lending figures are due.
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