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Covid Cases Rise By Record, BSP Sees Domestic Factors As Key Policy Driver

PHP

Spot USD/PHP trades +0.014 at PHP49.944 at typing. Bulls look to a move through Sep 8 high of PHP50.315, which would open up Aug 19 high of PHP50.615. Bears keep an eye on Aug 31/Sep 3 lows of PHP49.660/49.659 and a break here would clear the way to Aug 4 low of PHP49.605.

  • USD/PHP 1-month NDF last seen +0.010 at PHP50.070. Bulls look for a break above Sep 7 high of PHP50.400, while bears take aim at Aug 31/Sep 1 lows of PHP49.720.
  • BSP Gov Diokno said Thursday that the central bank's decisions on policy setting will be driven primarily by domestic considerations.
  • Davao Mayor Sara Duterte said that she will no longer seek to succeed her father in 2022 after he announced his vice-presidential bid. Sara Duterte, who was frontrunner in opinion polls, said that they have a family agreement not to run in the same presidential election.
  • The Philippines reported a record 22,820 new Covid-19 cases on Thursday. The rate of positive tests has also soared to the highest level on record.
  • The Philippine FDI net inflow rose 60.4% Y/Y to $833mn in June, bringing the total 2021 figure to $4.298bn.
  • Looking ahead, Philippine overseas remittances data should hit the wires at some point next week.
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