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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
USD/PHP sits slightly higher, last at the 56.65/70 level. We remain well within recent ranges, with 57.00 likely representing a cap on the topside (or at least heightened intervention risks at this level), while the 20-day EMA sits lower at ~56.21. The peso is underperforming the softer USD trend elsewhere today. All other USD/Asia pairs are down at this stage. This comes after onshore markets were closed yesterday.
- The local equity tone remains a PHP headwind, see the chart below (note USD/PHP is inverted on the chart). Equities appear under pressure from the softness in Q2 growth and signs of slowing bank lending activity.
- We should get updated bank lending data towards the end of this week.
- Also out is the July budget balance. Some extra focus may be on the government's fiscal position given a pick in debt servicing requirements (see this link for more details).
Fig 1: Philippine Equities Versus USD/PHP (inverted)
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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