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BSP Policy Meeting Eyed

PHP

Spot USD/PHP trades -0.065 at PHP51.318, with bears looking to a fall through Feb 10 low of PHP51.210 towards Feb 3/Jan 5 lows of PHP50.920/50.900. Bulls need a clearance of key resistance from PHP51.500 to see a resumption of broader uptrend.

  • USD/PHP 1-month NDF last +0.160 at PHP51.430. Bulls look to a move through Feb 8 high of PHP51.780, while bears would be pleased by a slide through Feb 1 low of PHP50.830.
  • The Dept of Health suggested that Covid Alert in Metro Manila will likely be downgraded to the lowest level in the first week of March as daily infections continue to ease.
  • The Philippines' overseas cash remittances rose 3.3% Y/Y in December, missing the median estimate of +3.5%. Full-year remittances reached an all-time high of $34.9bn.
  • All analysts bet that Bangko Sentral ng Pilipinas will keep monetary policy settings intact on Thursday, after Governor Diokno suggested as much on several occasions in recent weeks.

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