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USD/PHP Back To Recent Lows, Shrugs Off Equity Slide

PHP

USD/PHP spot sits just under 54.30, close to recent lows. A fresh break sub 54.20 would likely have the market targeting a move below 54.00, which is where YTD lows came in. PHP is 0.25% firmer so far today, which is in line with moves seen elsewhere in the region. On the topside the simple 50-day MA comes in around 54.74.

  • Local equities are the worst performer in the region today, down over 1%. The PSEi was close to the 100-day MA in recent dealings but has backed away from a test of this level (last 6568, 100 day MA 6658).
  • This hasn't impacted PHP sentiment negatively so far today. One factor which may be weighing on equities is further tightening expectations. BSP Governor Medalla stating yesterday it was too early for a pause.
  • The central bank expects March inflation to be in the 7.4% - 8.2%y/y range. This data prints next Wednesday. Note the market consensus sits close to the mid-point of the BSP range, at 8%. Note the Feb outcome was +8.6%.
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