PHP: USD/PHP Looking To Consolidate Back Above 59.00 Post Q3 GDP Miss
Nov-07 01:17
USD/PHP is probing back above 59.00 in the aftermath of the weaker than expected Q3 GDP print (+4.0%y/y, versus 5.2% forecast). This is likely to see the BSP cut rates at the Dec 11 meeting, which is something that has already been hinted at. For USD/PHP upside focus will rest on the 59.235 level, which marked late Oct highs, see the chart below.
Fig 1: USD/PHP Looking To Consolidate Move Above 59.00 Post Softer Q3 GDP
Source: Bloomberg Finance L.P./MNI
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AUSSIE BONDS: Holding Richer On A Data-Light Day
Oct-08 01:15
ACGBs (YM +1.5 & XM +3.0) are holding modestly stronger in today’s data-light session.
- Cash US tsys are flat to 1bp cheaper, with a steepening bias, in today's Asia-Pac session after yesterday's modest rally.
- Cash ACGBs are 1-3bps richer with the AU-US 10-year yield differential at +23bps.
- The latest ACGB Mar-36 auction saw strong demand, with the weighted average yield coming in 0.22bps through prevailing mid-yields, according to Yieldbroker, continuing the trend of firm pricing at recent ACGB auctions. Moreover, the cover ratio nudged higher to 3.4917x from 3.3111x.
- Bidding at today’s auction faced an outright yield that was roughly 10-15bps higher than the previous auction level and about 20bps below the late February peak.
- The bills strip is flat to +2 across contracts.
- RBA-dated OIS pricing is little changed across meetings today. A 25bp rate cut in November is given a 40% probability, with a cumulative 14bps of easing priced by year-end.
RBNZ SEES PROLONGED SPARE CAPACITY, RISK TO INFLATION
Oct-08 01:06
- RBNZ SEES PROLONGED SPARE CAPACITY, RISK TO INFLATION
RBNZ SAYS IT REMAINS OPEN TO FURTHER CUTS
Oct-08 01:04
- RBNZ SAYS IT REMAINS OPEN TO FURTHER CUTS
