© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

BIDEN SAYS PEOPLE'S SAVINGS ARE SECURE

MNI BRIEF: US Bank Deposits Fell USD98B Week Of SVB Collapse

MNI BRIEF: Data Not Justifying ECB Hike Beyond Expectations

EZ/UK Bond Supply Calendar: UK Long APF Sales on Monday

EZ/UK T-Bill Calendar: Germany & France to issue Monday

MNI DATA FORECASTS: EZ Inflation data in focus

MNI BRIEF: Yellen Says Americans' Deposits Are Safe

MNI BRIEF: Italy ESM Ratification Framed In EU’s Fiscal Debate

MNI: Freeland-Banks Well Capitalized, Budget To Focus Stimulus

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access
Trending Top 5
Market News Topics

USD/PHP Breaks Lower, Death Cross Forming

PHP
BulletEM BulletEmerging Markets NewsHomepage

USD/PHP is off 1% so far today, with the pair back sub 54.00, fresh cyclical lows back to June last year. This breaks the pair out of recent ranges (54.30/54.80 roughly), with peso bulls potentially emboldened by the formation of a death cross, as the simple 50-day MA looks to break below the 200-day MA.

  • Like elsewhere in the region, the formation of a death cross has been positive for the local FX this past week. We saw that evident in the 1 month USD/TWD space. Incidentally, TWD is the only EM Asia currency to outperform PHP so far this week.
  • The PHP is seeing benefit from the pullback in US yields, perhaps more so than elsewhere in the region owing to its current account deficit dynamics. Historically, PHP has been more sensitive to US real yield moves compared to other countries in the region, particularly those with external surpluses.
  • Philippine equities are lower today, off 1% as the market continues to struggle to gain traction above the 7000 level. Net equity flows from offshore investors have been positive this week though.
  • The other focus point is likely to geopolitics as the US and the Philippines announced greater access for the US military to local bases.
206 words

To read the full story

Why Subscribe to

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.

USD/PHP is off 1% so far today, with the pair back sub 54.00, fresh cyclical lows back to June last year. This breaks the pair out of recent ranges (54.30/54.80 roughly), with peso bulls potentially emboldened by the formation of a death cross, as the simple 50-day MA looks to break below the 200-day MA.

  • Like elsewhere in the region, the formation of a death cross has been positive for the local FX this past week. We saw that evident in the 1 month USD/TWD space. Incidentally, TWD is the only EM Asia currency to outperform PHP so far this week.
  • The PHP is seeing benefit from the pullback in US yields, perhaps more so than elsewhere in the region owing to its current account deficit dynamics. Historically, PHP has been more sensitive to US real yield moves compared to other countries in the region, particularly those with external surpluses.
  • Philippine equities are lower today, off 1% as the market continues to struggle to gain traction above the 7000 level. Net equity flows from offshore investors have been positive this week though.
  • The other focus point is likely to geopolitics as the US and the Philippines announced greater access for the US military to local bases.