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USD/PHP Edges Up, But Comfortably Below All Key EMAs

PHP

USD/PHP sits just above 55.50 in recent dealings, a touch higher for the session (we closed yesterday at 55.48). Recent lows from Tuesday rest in the 55.30/35 region. The pair is comfortably sub all key EMAs (200day is nearest at 55.92). The simple 200-day Is closer at 55.70.

  • PHP has been mid-range for the past week in terms of relative EM Asia FX performance, trailing CNH & CNY but outperforming KRW and IDR.
  • Offshore developments/broader USD trends are likely to be key for PHP. USD/PHP finding a near term trough has coincided with stability in broader dollar trends.
  • Weaker oil prices will also be aiding PHP sentiment at the margin. Local equities are trending higher, but not yet above mid Oct highs.
  • The local data calendar is quiet until the second half of next week. Earlier data showed Oct vehicle sales up 18.6% y/y, but still down 1.3% in m/m terms.
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