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USD/PHP Recovers Further From Multi-Month Lows, BSP Still On Tightening Watch

PHP

USD/PHP sits slightly higher versus closing levels from Friday, last around 54.45/50 (++0.15%). This is slightly above lows from Friday around the 54.30 region, as PHP has lost some ground amid a broader stabilization in USD sentiment. Still, this was fresh lows in USD/PHP back to early April. A break down through this level would open up late March lows in the 54.20/25 region, beyond this lies the 54.00 figure level, then YTD lows near 53.60, from early Feb.

  • All key EMAs sit comfortably above the 55.00 level. The July 13 high came in at 54.66, the July 12 low at 54.94.
  • The data calendar has May remittances due from today until the 18th. The market looks for +4.5% y/y, versus 3.7% prior.
  • New BSP Governor Eli Remolona spoke late last week, indicating the central bank is not yet contemplating rate cuts, as inflation remains above the target band still. The central bank maintains a tightening watch and is watching for upside inflation risks from el nino and wage hikes (see this link).
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