MNI BRIEF: RBNZ Cuts OCR 50bp To 3.75% As Expected

RBNZ SAYS IT HAS SCOPE TO LOWER FURTHER IN 2025

MNI: RBNZ CUTS OCR 50BP TO 3.75%

MNI BRIEF: Fed’s Barr Sees More Disinflation After Jan. ‘Bump’

MNI BRIEF: Fed Rates Need To Stay Restrictive - Daly

MNI China Daily Summary: Tuesday, February 18

MNI: UK NOV-JAN MEDIAN PAY AWARDS +3% :Brightmine

MNI JAPAN DEC CORE MACHINE ORDERS -1.2% M/M; NOV +3.4%

MNI: JAPAN JAN EXPORTS +7.2% Y/Y; DEC +2.8%

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

GERMANY: Kukies Considers Potential Non-Implementation Of 2024 Suppl' Budget

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

PHP: USD/PHP Tests 58.00 Support, Local Equities Rebounding Strongly

PHP
EM BulletPhilippinesBulletAPACEmerging Market News

USD/PHP sits in the 58.10/15 in latest dealings, up from earlier lows at 58.00. The pair is sub all key EMAs, except the 200-day (near 57.69). Before that we have some Dec 2024 lows around the 57.70/75 region, which may act as support points. Current spot levels are very close to the 100-day EMA. PHP is up around 0.40% so far today, in line with most SEA currencies being on a firmer footing. 

  • Cross asset sentiment is helping from the equity space, the PCOMP up around 2% so far today. Technical support may be in play, as the index recently tested sub 6000, which was lows back to 2022, so some dip buying may be present.
  • US real yields are also providing some support for PHP, as they continue to move off earlier Jan highs. Like elsewhere in the region correlations with real US yield shifts have remained positive in the past few months (from a USD/PHP standpoint).
  • We did have inflation data for Jan earlier, which was slightly above expectations in headline terms. The BSP stated it would take a measured approach to easing, while noting inflation risks are still tilted towards the upside. The central bank meets next week on Thursday. 
203 words

To read the full story

Close

Why MNI

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.

USD/PHP sits in the 58.10/15 in latest dealings, up from earlier lows at 58.00. The pair is sub all key EMAs, except the 200-day (near 57.69). Before that we have some Dec 2024 lows around the 57.70/75 region, which may act as support points. Current spot levels are very close to the 100-day EMA. PHP is up around 0.40% so far today, in line with most SEA currencies being on a firmer footing. 

  • Cross asset sentiment is helping from the equity space, the PCOMP up around 2% so far today. Technical support may be in play, as the index recently tested sub 6000, which was lows back to 2022, so some dip buying may be present.
  • US real yields are also providing some support for PHP, as they continue to move off earlier Jan highs. Like elsewhere in the region correlations with real US yield shifts have remained positive in the past few months (from a USD/PHP standpoint).
  • We did have inflation data for Jan earlier, which was slightly above expectations in headline terms. The BSP stated it would take a measured approach to easing, while noting inflation risks are still tilted towards the upside. The central bank meets next week on Thursday.