23 September 2011
USD/PhP: 43.825 (as of 12:00pm) PSEi: 3885.96 - 210.14
USD/JPY: 76.29 PFINC: 887.91 - 52.23
EUR/USD: 1.3494 BDO: 48.50
- 4.15
GBP/USD: 1.5407 BPI: 53.90 - 1.20
PDSTF3M: 4.1944 MBT: 62.05 - 5.85
Prices as of 4:00pm Source: Bloomberg, Reuters
Philippine Interest Rate Outlook
Secondary market rates moved higher again this week still on risk aversion
worries arising from the Euro zone.
Continue to expect interest rates to remain volatile in the near-term .
Philippine Equities Outlook
Local shares dropped anew by 9.5 percent week-on-week to 3885.96 as global
investors are shaken by the uncertainty that persists in the global economy
arising from the twin towers of terror (USA and EURO woes).
Chartwise, the week's close at 3885.96 signals that the bear are in
control. Near-term support is at 3,800 levels. A break of the said level
could call for further
tests of the 3,600 levels. Any pullback, if any is limited towards the
4,000 levels.
Philippine Peso Outlook
The local currency depreciated for the fourth straight week to 43.825 (As
of 12:00pm) as the dollar continued to strengthen against major currencies.
Rising global risk averison caused investors to flock to the the safety of
the US dollar.
Chartwise, the break of the 43.60 levels this week is a clear manifestation
that the near-term trend has shifted in favor of the dollar bulls.
Near-term target is seen between the 44.00 - 44.50 levels in the week
ahead. Any pullback, if any is limited toward the 43.60-43.70 levels. With
the recent break of the 43.60 levels, minor adjustments have to be made.
Most likely we could end the year near the 43.80- 44.00 levels as against
our original forecast of 41.70
BDO UNIBANK, INC.
Jonathan Ravelas
Chief Market Strategist
(632) 858-3145
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