30 September 2011
USD/PhP: 43.84 PSEi: 3,999.65 +122.02
USD/JPY: 76.65 PFINC: 917.78 + 28.08
EUR/USD: 1.3559 BDO: 51.00 + 2.10
GBP/USD: 1.5605. BPI: 55.80 + 2.30
PDSTF3M: 2.9627 MBT: 67.00 + 1.70
Prices as of 12:00pm Source: Bloomberg, Reuters
Philippine Interest Rate Outlook
Secondary money market rates were lower this week as risk aversion wanes
On positive sentiments coming out of the Euro Zone.
Continue to expect rates to remain volatile in the near- term.
Philippine Equities Outlook
Local share prices rose 2.90 percent week-on-week to 3999.65 as risk aversion
wanes on positive developments from the Euro zone in order to save Greece from
Default.
Chart wise, the week's close at 3999.65 is viewed as a mere rebound. A clear break
above 4,250 is needed to put the bulls back to play. Failure for the market to test said
levels could call for a retest of the 3,800 levels.
Philippine Peso Outlook
The local currency depreciated for the fifth straight week to 43.84(as of 12:00pm) .
This is primarily due the US dollar continued strength against the regional
currencies as global Risk aversion persists in the near-term.
Chartwise, with the currency's continued stay above the 43. 60 levels,
supports last week's view call for s near-term test of the 44.00-44.50 levels in the near-term.
Cheers,
Jonas
Jonathan L.Ravelas
Chief Market Strategist
BDO Unibank, Inc.
Direct: +6328583145
