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USD/PHP Remains Wedged Between 56.50/57.00

PHP

USD/PHP remains comfortably within recent ranges. The pair tracked at 56.76 in recent dealings, a touch firmer in PHP terms for the session. This leaves us wedged close to the mid-point of the recent 56.50/57.00 range.

  • The local data calendar remains quiet, with yesterday's August remittances data printing close to expectations (+2.7% y/y, a slight uptick on the prior 2.6% outcome). We get BoP figures on Thursday, but these are not typically a market mover. Note the next key release from a BSP standpoint, October CPI, is due on Nov 7th.
  • Local equities are higher, the PCOMP up over 1% in trade today. Support is evident for the index sub 6200, while Citi analysts see upside risks for Q3 Philippines earnings (see this BBG link). USD/PHP is following local equity trends (inversely), albeit with a lower beta in recent months.
  • Offshore investors have sold $110.2mn of local shares so far this month, as meaningful upside momentum in local shares is still absent.
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