• USD/PHP +0.1% to 55.820 as it consolidates above support at 55.04, its 200-DMA
  • Relatively stronger peso vs. the US dollar recently been supported by seasonal surge in OFW remittances and conversion to pesos (compulsory in nature) in preparation for the holidays in December 2022, especially a few days before the Christmas and New Year holidays
  • Also helping is recent signals/reiterations that local policy rates on December 15, 2022 could still partly or fully match (+0.25 or +0.50) the widely expected +0.50 Fed rate hike on December 14 as part of the measures to help support/stabilize the peso exchange rate and also help ease overall inflation