April 27, 2022 02:04 GMT
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.