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DOLLAR-PHP: USD/PHP oscillates around neutral levels (last unch. at PHP50.77),
remains supported by the ascending trendline drawn off the Jan 29 low, which
intersects at PHP50.74. The rate has faded its earlier modest gains & sticks to
- BSP Gov Diokno told BBG that he sees the central bank cutting interest rates
around mid-2020, but policymakers will pay attention to data. Reaction in the
peso was rather muted.
- Diokno's comments come after the BSP cut interest rates yesterday, in line
with expectations & for the fourth time in a year, in what the Governor
described as a pre-emptive move as "the coronavirus maybe just provided us an
opportunity to do it much earlier than later." Both Diokno & his Deputy Dakila
noted that the central bank still has much room to ease policy further.
- A clean break below that trendline at PHP50.74 would expose the Jan 14 YtD low
of PHP50.37. On the flip side, bulls look for a jump above the 23.6% retr. of
Aug 15 - Jan 14 slide at PHP50.90, towards the 100-DMA at PHP51.10.
- Looking ahead, local trade data hits at some point on Tuesday.