Free Trial

USD/PHP Steady, Defying Firmer USD/Asia Trends Elsewhere


Spot USD/PHP sits down a touch from earlier highs (55.56), last tracking near 55.48. This leaves us close to unchanged for the session. Since mid-November moves above 55.50 haven't been sustained in the pair. Note the 20-day EMA sits higher near 55.75. On the downside, the recent low rests at 55.28.

  • PHP has generally lagged the firmer trend seen elsewhere in EM Asia FX over the past week, but is defying firmer USD/Asia trends elsewhere. We are also well below the government's/BSP upper range at 57.00.
  • Earlier on the data front, the Nov PMI ticked higher to 52.7 from 52.4, continuing to suggest a reasonable domestic backdrop, albeit off 2022 highs.
  • Next Tuesday delivers Nov CPI data. The BSP expects a further easing from the prior 4.9%y/y outcome, stating late yesterday it has a range estimate of 4.0-4.8%. Note the consensus estimate is 4.3%.
  • Rice prices have rebounded though in the second half of November (see this BBG link), so this is likely to be a watch point for the BSP.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.