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USD/PHP Rangebound Above PHP48.00 Ahead Of BSP MonPol Decision


Spot USD/PHP still rangebound ahead of today's announcement of BSP MonPol decision, with virtually all analysts expecting the Monetary Board to leave interest rates unchanged (see earlier bullets for our preview). The pair last deals at PHP48.033, barely changed on the day.

  • BSP released Nov FDI data earlier today, with net inflow falling 16.5% Y/Y as it came in at $537mn.
  • Bears are still on the lookout for a break under the key PHP48.000 figure, which would revive downside momentum & open up Oct 20, 2016 low of PHP47.945. Conversely, a break above Jan 28 high of PHP48.145 would expose the 100-DMA at PHP48.237.
  • The Philippine markets will be closed for the Chinese New Year tomorrow. Next week, focus turns to overseas remittances (Monday) & overall BoP (Friday).

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