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USD/PHP Lower, But Simple 20-Day MA Provides A Base

PHP

USD/PHP is back below 56.00, the pair last at 55.80. Earlier lows were at 55.685, while the simple 20-day MA comes in at 55.699, so this may have provided some support. Still, we are -0.70% lower for the pair compared to yesterday's closing levels.

  • The BSP Governor stated GDP will likely grow much faster than the official 6.5-7.5% target, per Bloomberg reports. The BSP also expects December CPI to print between 7.8-8.6%, although the consensus already looks for an 8.3% outcome. This data is due early in January.
  • Despite growth optimism from the BSP it hasn't been enough to pull local equities higher. the PCOMP last at 6551 (-0.25%), note the simple 200-day MA comes in at 6529.8, which has acted as a support point the past week.
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