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- USD/PHP to push towards 53.50 – Credit Suisse
USD/PHP to push towards 53.50 – Credit Suisse
USD/PHP has been remarkably stable despite recent Asian FX volatility. Economists at Credit Suisse expect a larger Philippine trade deficit and a weaker yuan to push USD/PHP towards 53.50.
Setting a target of 53.50 for USD/PHP
“We think the deterioration in the Philippines’ trade balance is an important factor for the Philippine peso. Wider trade deficits have historically coincided with a rising USD/PHP exchange rate.”
“Strong Philippine imports amid ongoing infrastructure buildout point to depreciation, while recent USD/PHP stability despite rising USD/CNY points to overdue ‘catch-up’ peso weakness.”
“We forecast USD/PHP to rise to 53.50 in the next three months.”
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