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USD/PHP Bucks Firmer USD Trend, Hits Fresh Cycle Lows

PHP

USD/PHP is bucking the broader USD/Asia trend. The pair is down a further 0.30% to sub 53.70 so far today. This is fresh cycle lows, and brings PHP gains for the week to 1.50%. Beyond the 53.50 level, early June 2022 lows around 53.00 could be targeted by peso bulls. On the upside, the 54.25/30 region should draw some selling interest.

  • Late yesterday, data showed government debt to GDP was improving (back to 60.9%, versus 63.7% in Q3), which has likely helped at the margin.
  • The authorities plan euro retail bonds to diversify the country's funding sources. The government also invited eligible debt holders to exchange notes for new retail bonds. This is part of a retail bond sale, starting next Tuesday (at least $545mn is the targeted amount to be raised).
  • Local equities are still struggling above the 7000 level, the local bourse off by 0.48% so far today.
  • Next week, Jan CPI figures print on Tuesday. The market expects +7.6% y/y, versus 8.1% y/y for Dec.
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