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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.
PHP
Early impetus in USD/PHP is to the topside. The pair is last near 56.96, +0.20% firmer versus yesterday's closing levels (we ended at 56.83). This puts us close to upside resistance at 57.00, which is also a reported intervention point from the authorities.
- A weaker PHP is in line with broadly stronger USD gains and a more elevated US yield backdrop. Focus will be on whether the pair can test above 57.00 we haven't breached this level in a number of months.
- There is no data today, but focus will be on whether the BSP delivers an off cycle rate hike, which Governor Remolona warned about earlier in the week.
Fig 1: Spot USD/PHP
Source: MNI - Market News/Bloomberg
Why 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.
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