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Peso Slips, OCTA Research Warns Against Covid Resurgence

PHP

Spot USD/PHP trades +0.060 at PHP52.325, as the peso struggles for any topside impetus. The PHP52.500 provides a key nearby layer of resistance. Conversely, a breach of the 50-DMA/Apr 13 low at PHP51.912/51.875 would please USD/PHP bears.

  • USD/PHP 1-month NDF last seen +0.050 at PHP52.500. A break above Apr 20 high of PHP52.750 would support the bullish case, while bears keep an eye on the 50-DMA at PHP52.113.
  • The OCTA Research group warned that active Covid-19 cases in the Philippines could reach 50k-100k soon, as subvariants are driving upsurges in Delhi and South Africa, which are believed to have similar characteristics to the Philippines.
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Spot USD/PHP trades +0.060 at PHP52.325, as the peso struggles for any topside impetus. The PHP52.500 provides a key nearby layer of resistance. Conversely, a breach of the 50-DMA/Apr 13 low at PHP51.912/51.875 would please USD/PHP bears.

  • USD/PHP 1-month NDF last seen +0.050 at PHP52.500. A break above Apr 20 high of PHP52.750 would support the bullish case, while bears keep an eye on the 50-DMA at PHP52.113.
  • The OCTA Research group warned that active Covid-19 cases in the Philippines could reach 50k-100k soon, as subvariants are driving upsurges in Delhi and South Africa, which are believed to have similar characteristics to the Philippines.