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Flows − USD/PHP downside arrested by EUR dip

Thu, Nov 5 2009, 02:26 GMT
by FXMarketAlerts Team

FXMarketAlerts


Published at 01:50 (GMT) 05 Nov

AUDUSD

Nothing unexpected about the USD/PHP start which was on the back foot. Trades opened 47.45 on overnight moves. Some early buyers were seen on signs of EUR slippage and regional equities in the red. Oct inflation was broadly in line with expectations at 1.6% y/y with a 3.7% y/y move in food inflation leading the way. While BSP has allayed concerns about rising inflation saying that that inflation uptick is "largely temporary" and that near-term inflation trend is "manageable", markets still wary of cost-push inflation being accentuated by base effects. USD/PHP retraced early slip and more to 47.59 highs before consolidating above 47.55. For now we expect that the USD/PHP will be dealt in the 47.35-47.75 range with focus on EUR and Cross/JPY moves. Soggy equities are likely to stall offers. VV

Published on  Thu, Nov 5 2009, 02:28 GMT

Published with a minimum of 10 minutes delay.


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