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Radar Report: A hawkish BSP aims to soften impact
by EA Aguirre
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The BSP delivered an off-cycle policy rate hike, citing recent supply shocks in food and fuel causing a surge in second round effects and threatening to keep inflation elevated.
The surprise hike did little to talk down the USD/PHP exchange rate, which has been retesting previous highs, but consistent hawkish rhetoric from the BSP could help cap the currency pair from breaching 57.00.