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USD/PHP Off Highs, But Holds Within Recent Ranges

PHP

USD/PHP sits below earlier highs, the pair last in the 54.40/45 region. Earlier highs were close to 54.65. The pull back is in line with broader USD weakness, with the move lower in USD/CNH particularly strong today. For USD/PHP we remain above recent lows around the 54.30 level. This keeps us within recent ranges for the pair. Peso bulls will target a move towards 54.20, late March lows, while we need to fill the gap back towards the July 12 low of 54.94 on any renewed upside push.

  • Local equities are among the stronger performers in the region today, up nearly 1%, on better bank earnings, which has buoyed the financial sector.
  • On the data front, we had a slightly wider overall BoP deficit of -$606mn in June print yesterday, which saw gross FX reserves trimmed to $99.4bn a four month low. The BSP stressed this is still ample to cover imports and short-term external debt requirements.
  • On the geopolitical front, the country stated the US has pledged to support the Philippines defence upgrade and that the Philippines will do everything to assert its rights in the South China Sea.
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