OCBC’s Christopher Wong describes USD/PHP as bearish but oversold after a sharp gap lower on softer yields and Oil. With inflation still above target and growth slowing, Bangko Sentral ng Pilipinas (BSP) faces a difficult decision, where a firmer policy response could support PHP.
Demand for Gold by global central banks is anticipated to remain strong this year despite bullion prices rising over 120% in the last two years, data from the World Gold Council (WGC) published on Tuesday shows.
ING strategists Francesco Pesole, Chris Turner and Frantisek Taborsky note the Dollar is rallying again, supported by strong US data and Federal Reserve expectations despite sharply lower Oil prices.