USD/PhP: 43.88 unch PSEi: 4111.99 + 11.89
USD/JPY: 83.37 PFINC: 940.09 + 9.03
EUR/USD: 1.3675 BDO: 60.05 - 0.25
GBP/USD: 1.5772 BPI: 55.25 + 0.75
PDSTF3M: 4.1385 MBT: 71.25 + 1.30
Prices as of 4:00pm Source: Bloomberg, Reuters
Philippine Interest Rate Outlook
Secondary money market rates moved sideways this week on anticipation that the BSP will keep its benchmark rates unchanged during monetary board meeting scheduled next week.
Philippine Equities Outlook
Share prices rose 0.81 percent week-on-week to 4111.99 as investors continue to snap Philippine shares pushing the index to reach an all-time high of 4142.85 last Wednesday. However profit-taking pressures appeared following risk aversion fears emanating from Europe following credit downgrade of Spain and banking concerns in Ireland.
Chartwise, the week's close at 4111.99 suggests possible test of 4,200 levels. Near-term support lies at the 4,000-4,050.
Philippine Peso Outlook
The local currency rose anew by 0.48 percent week-on-week to 43.88 as the greenback continued to weaken against major currencies particularly the Euro. Continued capital flows to the local bourse as well as OFW flows helped push the currency to test 43.88 low.
Chartwise, the week's close at 43.88 implies further tests towards the 43.50-43.70 levels. Any pullback if any is limited to the 44.00 levels.
Jonathan Ravelas
Chief Market Strategist
(632) 858-3145
Rhys Cruz
Junior Researcher
(632) 858-3001
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