HALISTER1: Peso in Relief Rally Pending Policy Clarity: Bank of Singapore

Peso in Relief Rally Pending Policy Clarity: Bank of Singapore

(Bloomberg) -- Peso rises after Rodrigo Duterte claims victory in presidential polls in a relief reaction that an outright winner looks probable, according to Bank of Singapore.
  • Peso responding to classic “sell the rumor, buy the fact” syndrome, says Sim Moh Siong, Singapore-based FX strategist at the bank in an interview
  • Would need to have a better understanding of the new president’s policy agenda before deciding on the PHP’s next direction
  • Maintains year-end peso forecast at 47.40 per dollar
  • Peso now up 0.4% at 46.900, highest level in a week after trading in a 46.890-47.210 range; local stock market index down 0.5% at 6,960
  • NOTE: Hedge funds bullish on Philippines as Duterte wins
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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Moh Sim (ING Groep NV)

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