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USD/PHP Sticks To Recent Ranges, Authorities Comfortable With FX Levels

PHP

PHP remains around 0.25% firmer versus closing levels from last Friday (FX markets were closed yesterday). We last tracked at 54.61, slightly above earlier session lows of 54.52. The pair remains sub all key EMAs, and wedged between recent lows at ~54.30 and 54.94 (a break down level from earlier in July).

  • Finance Secretary Diokno stated the FX rate was in a comfortable place now in earlier comments. He also stated tax reform measures should raise 1 trillion pesos in extra revenue from 2024. He also sees an A level credit rating by the end of President Macros's term.
  • In terms of monetary policy, Governor Remolona stated inflation will be back within target by Q4 this year (2-4% band). Deputy Governor Dakila also stated the central bank is ready to resume rate hikes if the data warrants it. The key remains the inflation outlook. Note that July CPI prints next Friday on August 4.
  • Local equities are on an improving trend, the PCOMP up a further 0.50% today and threatening to push to multi-month highs.
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