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USD/PHP Back Towards 56.50, Bucking Softer USD Trend Elsewhere

PHP

USD/PHP has drifted higher since the open, last around the 56.46 level, ~0.15% weaker in PHP terms versus yesterday's closing levels. The pair saw support early yesterday around 56.10, before closing at 56.38. These moves keep within us recent ranges for August.

  • PHP weakness so far today goes against the softer USD elsewhere, although USD/Asia pairs aren't seeing the same degree of traction as the majors are.
  • As we noted yesterday, PHP looked a little too strong relative to recent resurgent US real yield backdrop. This recent correction higher in USD/PHP closes that wedge somewhat.
  • BSP Governor Remolona reiterated the central bank's hawkish backdrop late yesterday. He stated that inflation is still not comfortably within the target range, which leaves easing off the radar screen at the moment. Any further RRR cuts this year should also not be seen as a shift in the policy stance.
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